A real estate agency wants to estimate the average selling price of houses in a suburb of Yangon. It randomly samples 25 recent sales and calculates the average price x̅= 30 million kyat and the standard deviation s = 2.4 million kyat. (a) Calculate a 95% confidence interval for the mean of all recent selling prices. (b) We recently heard that a friend paid 41.76 million kyat for a house in this suburb. Does the confidence interval bracket it?

A real estate agency wants to estimate the average selling price of houses in a suburb of Yangon. It randomly samples 25 recent sales and calculates the average price x̅= 30 million kyat and the standard deviation s = 2.4 million kyat. (a) Calculate a 95% confidence interval for the mean of all recent selling prices. (b) We recently heard that a friend paid 41.76 million kyat for a house in this suburb. Does the confidence interval bracket it?

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018

18th Edition

ISBN:9780079039897

Author:Carter

Publisher:Carter

Chapter10: Statistics

Section10.3: Measures Of Spread

Problem 1GP

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