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Confidence Intervals - House Prices

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Suppose that a random sample of fourteen recently sold houses in a certain city has a mean sales price of $280,000, with a standard deviation of $9000. 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.

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

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Solution Summary

This solution calculates the confidence interval for the random sample of fourteen recently sold houses using the standard deviation and mean sales price. All steps and workings are shown.

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