New-Home Prices If the average price of a new one-family home is $246,300 with a standard deviation of $15,000, find the minimum and maximum prices of the houses that a contractor will build to satisfy the middle 84% of the market. Assume that the variable is normally distributed. Use a graphing calculator and round the answers to the nearest dollar. #6 6.2 Minimum price: Maximum price: $
New-Home Prices If the average price of a new one-family home is $246,300 with a standard deviation of $15,000, find the minimum and maximum prices of the houses that a contractor will build to satisfy the middle 84% of the market. Assume that the variable is normally distributed. Use a graphing calculator and round the answers to the nearest dollar. #6 6.2 Minimum price: Maximum price: $
A First Course in Probability (10th Edition)
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ISBN:9780134753119
Author:Sheldon Ross
Publisher:Sheldon Ross
Chapter1: Combinatorial Analysis
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#6 6.2
![**New-Home Prices**
If the average price of a new one-family home is $246,300 with a standard deviation of $15,000, find the minimum and maximum prices of the houses that a contractor will build to satisfy the middle 84% of the market. Assume that the variable is normally distributed. Use a graphing calculator and round the answers to the nearest dollar.
- **Minimum price:** $[ ]
- **Maximum price:** $[ ]](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6c6c584e-06c5-4678-ab7c-bac672fd186a%2Fdfb7d80e-0da6-4d67-98fe-a58d955ea9cc%2Fx9yx46l_processed.jpeg&w=3840&q=75)
Transcribed Image Text:**New-Home Prices**
If the average price of a new one-family home is $246,300 with a standard deviation of $15,000, find the minimum and maximum prices of the houses that a contractor will build to satisfy the middle 84% of the market. Assume that the variable is normally distributed. Use a graphing calculator and round the answers to the nearest dollar.
- **Minimum price:** $[ ]
- **Maximum price:** $[ ]
Expert Solution
Step 1
Given information-
Population mean, μ = $246,300
Population standard deviation, σ = $15,000
Let X be the random variable which is normally distributed.
We have to find the minimum and maximum prices of the houses that a contractor will build to satisfy the middle 84% of the market.
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