Question #2786

Solve this poblem:
Use the normal distribution to calculate the probability that a randomly selected new home in your state has an advertised selling price above $300,000. For estimates of μ and σ, use X-BAR and s. See your posting to the activity in Week 2's conference for the values of X-BAR and s.
Z=X-mean/standard deviation
z= 300,000-279,477.88/196,525.174
Specific requirements:
Please put the answer in the example format below:
Z=X-mean/standard deviation
z=300,000-698,411.50/950074.54
z= -0.419=.3372
1-.3372=0.6628
=66.28%

Expert's answer

Z=X-mean/standard deviation

z= 300,000-279,477.88/196,525.174

z = .1044

p = .5416

1 - .5416=0.4584

=45.84%

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z= 300,000-279,477.88/196,525.174

z = .1044

p = .5416

1 - .5416=0.4584

=45.84%

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