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The average sales price of a single-family house in US is $290,600. You randomly select 12 single-family houses. What is the probability that the mean sales price is more than $265,000? Assume that the sales prices are normally distributed with a standard deviation of $36,000. a) b) c) d) Use CLT to find the µx and ox? Find the z-score that corresponds t- x = $265,000 Find the cumulative area that corresponds to the Z-score and calculate the probability. Interpret the results.

The average sales price of a single-family house in US is $290,600. You randomly select 12 single-family houses. What is the probability that the mean sales price is more than $265,000? Assume that the sales prices are normally distributed with a standard deviation of $36,000. a) b) c) d) Use CLT to find the µx and ox? Find the z-score that corresponds t- x = $265,000 Find the cumulative area that corresponds to the Z-score and calculate the probability. Interpret the results.

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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The average sales price of a single-family house in US is $290,600. You randomly select 12 single-family houses. What is the probability that the mean sales price is more than $265,000? Assume that the sales prices are normally distributed with a standard deviation of $36,000. a) b) c) d) Use CLT to find the ux and ox? Find the z-score that corresponds t- x =$265,000 Find the cumulative area that corresponds to the Z-score and calculate the probability. Interpret the results.
Transcribed Image Text:The average sales price of a single-family house in US is $290,600. You randomly select 12 single-family houses. What is the probability that the mean sales price is more than $265,000? Assume that the sales prices are normally distributed with a standard deviation of $36,000. a) b) c) d) Use CLT to find the ux and ox? Find the z-score that corresponds t- x =$265,000 Find the cumulative area that corresponds to the Z-score and calculate the probability. Interpret the results.
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