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Confidence Interval Question for Houses Sold

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Suppose that a random sample of fifteen recently sold houses in a certain city has a mean sales price of $290000 , with a standard deviation of $15,000 . Under the assumption that house prices are normally distributed, find a 90% confidence interval for the mean sales price of all houses in this community. Then complete the table below.

Carry your intermediate computations to at least three decimal places. Round your answers to the nearest whole number.

What is the lower limit of the confidence interval?

What is the upper limit of the confidence interval?

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Solution Summary

The confidence interval question for houses sold. A clear, displayed solution is laid out in a few lines of calculations.

Solution Preview

x-bar = 290000, s = 15000, n = 15

SE = s/sqrt n = 15000/sqrt 15 = ...

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