Answered: Suppose that a random sample of…

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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Question

Suppose that a random sample of fourteen recently sold houses in a certain city has a mean sales price of $295,000, with a standard deviation of $5000. Under the assumption that house prices are normally distributed, find a 95% confidence interval for the mean sales price of all houses in this community. Then find the lower limit and upper limit of the 95% confidence interval.

Carry your intermediate computations to at least three decimal places. Round your answers to the nearest whole number. (If necessary, consult a list of formulas.)

Lower limit:

Upper limit:

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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