Explore BrainMass

Explore BrainMass

    Statistics - Confidence Interval

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    Problem 24

    A real estate agent has collected a random sample of 75 houses that were
    recently sold in a suburban community. She is particularly interested in
    comparing the appraised value and recent selling price of the houses in
    this particular market. The value of these two variables for each of the
    75 randomly chosen houses are provided in this file in the data tap.
    Using the sample data, generate a 95% confidence interval for the mean
    difference between the appraised values and selling prices of the houses
    sold in this suburban community. Interpret the constructed interval
    estimate for the real estate agent.

    Data on Randomly Selected Houses

    House Value Price
    1 119.37 121.87
    2 148.93 150.25
    3 130.39 122.78
    4 135.70 144.35
    5 126.30 116.20
    6 137.08 139.49
    7 123.49 115.73
    8 150.83 140.59
    9 123.48 120.29
    10 132.05 147.25
    11 148.21 152.26
    12 139.53 144.80
    13 114.34 107.06
    14 140.04 147.47
    15 136.01 135.12
    16 140.93 140.24
    17 132.42 129.89
    18 118.30 121.14
    19 122.14 111.23
    20 149.82 145.14
    21 128.91 139.01
    22 134.61 129.34
    23 121.99 113.61
    24 150.50 141.05
    25 142.87 152.90
    26 155.55 157.79
    27 128.50 135.57
    28 143.36 151.99
    29 119.65 120.53
    30 122.57 118.64
    31 145.27 149.51
    32 149.73 146.86
    33 147.70 143.88
    34 117.53 118.52
    35 140.13 146.07
    36 136.57 135.35
    37 130.44 121.54
    38 118.13 132.98
    39 130.98 147.53
    40 131.33 128.49
    41 141.10 141.93
    42 117.87 123.55
    43 160.58 162.03
    44 151.10 157.39
    45 120.15 114.55
    46 133.17 139.54
    47 140.16 149.92
    48 124.56 122.08
    49 127.97 136.51
    50 101.93 109.41
    51 131.47 127.29
    52 121.27 120.45
    53 143.55 151.96
    54 136.89 132.54
    55 106.11 114.33
    56 137.54 141.32
    57 134.33 83.76
    58 127.59 118.20
    59 137.44 140.20
    60 114.09 113.55
    61 145.46 156.52
    62 141.90 137.35
    63 116.34 110.61
    64 149.20 153.69
    65 141.81 153.33
    66 116.44 111.95
    67 137.74 143.46
    68 144.70 142.13
    69 149.66 155.46
    70 118.17 135.44
    71 137.66 127.30
    72 119.70 113.77
    73 143.12 141.11
    74 129.91 130.08
    75 141.78 139.35

    © BrainMass Inc. brainmass.com June 3, 2020, 10:26 pm ad1c9bdddf
    https://brainmass.com/statistics/confidence-interval/statistics-confidence-interval-231167

    Solution Summary

    A Complete, Neat and Step-by-step Solution is provided in the attached Excel file.

    $2.19

    ADVERTISEMENT