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2. Assume that the prices paid for housing within a neighborhood have a normal distribution, with mean $100,000, and standard deviation of $35,000. (a) What percentage of houses in the neighborhood have prices between $90,000 and $130,000? (b) What price of housing is such that only 12% of all houses in the neighborhood have lower prices?

2. Assume that the prices paid for housing within a neighborhood have a normal distribution, with mean $100,000, and standard deviation of $35,000. (a) What percentage of houses in the neighborhood have prices between $90,000 and $130,000? (b) What price of housing is such that only 12% of all houses in the neighborhood have lower prices?

MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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there urbs e St n 330/100 = 3.3. Assuming 100 individuals is clearly arbitrary, and the mean could also DINICO Here are 100 individuals, the mean store number is (30× 1) + (20 x 2) + (10 x 3) + be found by weighting the store numbers directly by their probabilities: (0.3 x 1) + (0.2 x 2) + (0.1 x 3) + (0.1 x 5) + (0.3 x 6) = 3.3. Our estimate of L is equal to 1/3.3 or 0.303. 1. EXERCISES Snowfall for a location is found to be normally distributed with mean 96" and standard deviation of 32". (a) What is the probability that a given year will have more than 120" of snow? (b) What is the probability that the snowfall will be between 90" and 100"? (c) What level of snowfall will be exceeded only 10% of the time? 2. Assume that the prices paid for housing within a neighborhood have a normal distribution, with mean $100,000, and standard deviation of $35,000. (a) What percentage of houses in the neighborhood have prices between $90,000 and $130,000? (b) What price of housing is such that only 12% of all houses in the neighborhood have lower prices? (Continued)
Transcribed Image Text:there urbs e St n 330/100 = 3.3. Assuming 100 individuals is clearly arbitrary, and the mean could also DINICO Here are 100 individuals, the mean store number is (30× 1) + (20 x 2) + (10 x 3) + be found by weighting the store numbers directly by their probabilities: (0.3 x 1) + (0.2 x 2) + (0.1 x 3) + (0.1 x 5) + (0.3 x 6) = 3.3. Our estimate of L is equal to 1/3.3 or 0.303. 1. EXERCISES Snowfall for a location is found to be normally distributed with mean 96" and standard deviation of 32". (a) What is the probability that a given year will have more than 120" of snow? (b) What is the probability that the snowfall will be between 90" and 100"? (c) What level of snowfall will be exceeded only 10% of the time? 2. Assume that the prices paid for housing within a neighborhood have a normal distribution, with mean $100,000, and standard deviation of $35,000. (a) What percentage of houses in the neighborhood have prices between $90,000 and $130,000? (b) What price of housing is such that only 12% of all houses in the neighborhood have lower prices? (Continued)
Expert Solution
Step 1: Given information

We have given information,

Assume that X be the prices paid for housing within a neighborhood have a normal distribution.

Mean: μ=100000

Standard deviation: σ=35000

X~N (μ=100000, σ2=350002)

The standard normal distribution is defined as,

Z=X-μσ~N0, 1

 

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