The National Association of Realtors estimates that 23% of all homes purchased in 2004 were considered investment properties. If a sample of 800 homes sold in 2004 is obtained and it was noted that 248 homes were to be used as investment property, would this be unusual? Answer either "yes" or "no" and provide the justification for your answer.
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 National Association of Realtors estimates that 23% of all homes purchased in 2004 were considered investment properties. If a sample of 800 homes sold in 2004 is obtained and it was noted that 248 homes were to be used as investment property, would this be unusual? Answer either "yes" or "no" and provide the justification for your answer.
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The National Association of Realtors estimates that 23% of all homes purchased in 2004 were considered investment properties. If a sample of 800 homes sold in 2004 is obtained what is the probability that at most 200 homes are going to be used as investment property, approximately?
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