The mean price of houses in a city is $1.5 million with a standard deviation of $500,000. The house prices are normally distributed. You randomlv select 15 houses in this city. What is the probability that the mean price will be less than $1.125 million?

The mean price of houses in a city is $1.5 million with a standard deviation of $500,000. The house prices are normally distributed. You randomlv select 15 houses in this city. What is the probability that the mean price will be less than $1.125 million?

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018

18th Edition

ISBN:9780079039897

Author:Carter

Publisher:Carter

Chapter10: Statistics

Section10.5: Comparing Sets Of Data

Problem 13PPS

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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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