The following histogram shows the distribution of house values in a certain city. The mean of the distribution is $403,000 and the standard deviation is $278,000. Suppose one house from the city will be selected at random. Use the histogram to estimate the probability that the selected house is valued at less than $500,000. Show your work. Suppose a random sample of 40 houses are selected from the city. Estimate the probability that the mean value of the 40 houses is less than $500,000.
Contingency Table
A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear relationship between two variables. A contingency table is indeed a type of frequency distribution table that displays two variables at the same time.
Binomial Distribution
Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.
The following histogram shows the distribution of house values in a certain city. The mean of the distribution is $403,000 and the standard deviation is $278,000.
Suppose one house from the city will be selected at random. Use the histogram to estimate the probability that the selected house is valued at less than $500,000. Show your work.
Suppose a random sample of 40 houses are selected from the city. Estimate the probability that the mean value of the 40 houses is less than $500,000. Show your work.
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