The Real Estate Group NY reports that the mean monthly rent for a one-bedroom apartment without a doorman in Manhattan is $2554. Assume the standard deviation is $453. A real estate firm samples 96 apartments. What is the probability that the sample mean rent is less than $2,619.65?
Solution :
Given that ,
mean = = $2554
standard deviation = = $453
n = 96
= 2554
= / n = 453 / 96=46.2341
P( < $2619.65) = P[( - ) / < (2619.65-2554) / 46.2341]
= P(z <1.42 )
Using z table
= 0.9222
probability=0.9222
The Real Estate Group NY reports that the mean monthly rent for a one-bedroom apartment without...
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