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Confidence interval in real estate data

Refer to the Real Estate data, which reports information on homes sold in the Goodyear, Arizona, area during the last year. Prepare a report on the selling prices of the homes. Be sure to answer the following questions in your report.

a. Around what values do the data tend to cluster? What is the mean selling price? What is the median selling price? Is one measure more representative of the typical selling prices than the others?

b. What is the range of selling prices? What is the standard deviation? About 95% of the selling prices are between two values?

The data set is at http://highered.mcgraw-hill.com/sites/dl/free/0073401803/887790/Lin01803_appa_753_763.pdf

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Solution Summary

Step by step method for computing confidence interval for real estate data is given in the answer.