Answered: Find the lower bound of the 95%…

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 family is relocating from St. Louis, Missouri, to California. Due to an increasing inventory of houses in St. Louis, it is taking longer than before to sell a house. The wife is concerned and wants to know when it is optimal to put their house on the market. Her realtor friend informs them that the last 22 houses that sold in their neighborhood took an average time of 190 days to sell. The realtor also tell them that based on her prior experience, the population standard deviation is 72 days. Assume the number of days to sell a house has a normal distribution

Find the lower bound of the 95% confidence interval for the mean sale time for all homes in the neighborhood

Find the upper bound of the 95% confidence interval for the mean sale time for all homes in the neighborhood.

Features Features Normal distribution is characterized by two parameters, mean (µ) and standard deviation (σ). When graphed, the mean represents the center of the bell curve and the graph is perfectly symmetric about the center. The mean, median, and mode are all equal for a normal distribution. The standard deviation measures the data's spread from the center. The higher the standard deviation, the more the data is spread out and the flatter the bell curve looks. Variance is another commonly used measure of the spread of the distribution and is equal to the square of the standard deviation.

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