Sampling Distribution of Sample Mean: Price of Home
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The average price of a home is reported to be $203,190. Use this price as the population mean, and assume the population standard deviation is 43,890. What is the probability that the mean price for a sample of 18 homes is within 14,250 of the population mean?
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Solution Summary
The solution provides step by step method for the calculation of probability using the Z score. Formula for the calculation and Interpretations of the results are also included.
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The average price of a home is reported to be$203,190. Use this price as the population mean, and assume the population standard deviation is 43,890. What ...
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