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A construction company in Florida is struggling to sell condominiums. The company believes that it will be able to get an average sale price of $255,000. Let the price of these condominiums in the next quarter be normally distributed with a standard deviation of $17,000. [You may find it useful to reference the z table.] a. What is the probability that the condominium will sell at a price (i) Below $231,000? (ii) Above $293,000? (Round your final answers to 4 decimal places.) Answer is complete and correct. Probability Below $231,000 Above $293,000 0.0793✔ 0.0129 b. The company is also trying to sell an artist's condo. Potential buyers will find the unusual features of this condo either pleasing or objectionable. The manager expects the average sale price of this condo to be the same as others at $255,000, but with a higher standard deviation of $21,000. What is the probability that this condo will sell at a price (i) Below $231,000? (ii) Above $293,000? (Round your answers to 4 decimal places.) > Answer is complete but not entirely correct. Probability 0.0793 0.0359 Below $231,000 Above $293,000

A construction company in Florida is struggling to sell condominiums. The company believes that it will be able to get an average sale price of $255,000. Let the price of these condominiums in the next quarter be normally distributed with a standard deviation of $17,000. [You may find it useful to reference the z table.] a. What is the probability that the condominium will sell at a price (i) Below $231,000? (ii) Above $293,000? (Round your final answers to 4 decimal places.) Answer is complete and correct. Probability Below $231,000 Above $293,000 0.0793✔ 0.0129 b. The company is also trying to sell an artist's condo. Potential buyers will find the unusual features of this condo either pleasing or objectionable. The manager expects the average sale price of this condo to be the same as others at $255,000, but with a higher standard deviation of $21,000. What is the probability that this condo will sell at a price (i) Below $231,000? (ii) Above $293,000? (Round your answers to 4 decimal places.) > Answer is complete but not entirely correct. Probability 0.0793 0.0359 Below $231,000 Above $293,000

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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A construction company in Florida is struggling to sell condominiums. The company believes that it will be able to get an average sale price of $255,000. Let the price of these condominiums in the next quarter be normally distributed with a standard deviation of $17,000. [You may find it useful to reference the z table.] a. What is the probability that the condominium will sell at a price (i) Below $231,000? (ii) Above $293,000? (Round your final answers to 4 decimal places.) ✔ Answer is complete and correct. Probability Below $231,000 Above $293,000 0.0793✔ 0.0129 b. The company is also trying to sell an artist's condo. Potential buyers will find the unusual features of this condo either pleasing or objectionable. The manager expects the average sale price of this condo to be the same as others at $255,000, but with a higher standard deviation of $21,000. What is the probability that this condo will sell at a price (i) Below $231,000? (ii) Above $293,000? (Round your answers to 4 decimal places.) > Answer is complete but not entirely correct. Probability Below $231,000 Above $293,000 0.0793 X 0.0359
Transcribed Image Text:A construction company in Florida is struggling to sell condominiums. The company believes that it will be able to get an average sale price of $255,000. Let the price of these condominiums in the next quarter be normally distributed with a standard deviation of $17,000. [You may find it useful to reference the z table.] a. What is the probability that the condominium will sell at a price (i) Below $231,000? (ii) Above $293,000? (Round your final answers to 4 decimal places.) ✔ Answer is complete and correct. Probability Below $231,000 Above $293,000 0.0793✔ 0.0129 b. The company is also trying to sell an artist's condo. Potential buyers will find the unusual features of this condo either pleasing or objectionable. The manager expects the average sale price of this condo to be the same as others at $255,000, but with a higher standard deviation of $21,000. What is the probability that this condo will sell at a price (i) Below $231,000? (ii) Above $293,000? (Round your answers to 4 decimal places.) > Answer is complete but not entirely correct. Probability Below $231,000 Above $293,000 0.0793 X 0.0359
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