Ask Question
12 August, 21:48

According to the National Association of Realtors, the mean sale price for existing homes in the United States in 2011 was $214,300. Assume that sale prices are normally distributed with a standard deviation of $41,000. Find the percentage of existing homes in 2011 that sold for between $173,300 and $296,300?

+4
Answers (1)
  1. 12 August, 22:11
    0
    82% of the existing homes in 2011 are sold between $173,300 and $296,300.

    Step-by-step explanation:

    mean sale price, M = $214,300 standard deviation, SD = $41,000 The sale prices are normally distributed.

    The left side of the mean ⇒ 34% = M-SD, 14% = M-2SD, 2% = M-3SD

    34% ⇒ M-SD = 214,300-41,000 = 173,300

    The right side of the mean ⇒ 34% = M+SD, 14% = M+2SD, 2% = M+3SD

    34%⇒ M+SD = 214,300+41,000 = 255,300 14%⇒ M+2SD = 214300+2 (41,000) = 296,300

    The percentage of existing homes in 2011 that sold for between $173,300 and $296,300 is 34%+34%+14% = 82%
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “According to the National Association of Realtors, the mean sale price for existing homes in the United States in 2011 was $214,300. Assume ...” in 📗 Mathematics if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers