You are a real estate agent who has been assigned by your supervisor to analyze home sales in your town for the last 5 months. Use following table, which shows the sale price for several homes in hundreds of thousands of dollars. Note: some months have fewer values. June July August $276 September $204 October $210 $410 $310 $175 $244 $199 $345 $219 $350 $255 - - - Calculate the mean for the sample to the nearest thousand. Your answer Calculate the standard deviation for the sample. Round your answer to the nearest thousand. Your answer
You are a real estate agent who has been assigned by your supervisor to analyze home sales in your town for the last 5 months. Use following table, which shows the sale price for several homes in hundreds of thousands of dollars. Note: some months have fewer values. June July August $276 September $204 October $210 $410 $310 $175 $244 $199 $345 $219 $350 $255 - - - Calculate the mean for the sample to the nearest thousand. Your answer Calculate the standard deviation for the sample. Round your answer to the nearest thousand. Your answer
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![As a real estate agent, you have been assigned by your supervisor to analyze home sales in your town for the last 5 months. Use the following table, which shows the sale price for several homes in hundreds of thousands of dollars. Note: some months have fewer values.
| | June | July | August | September | October |
|-------|------|------|--------|-----------|---------|
| Home 1| $210 | $410 | $276 | $204 | $310 |
| Home 2| $175 | $244 | $199 | $345 | $219 |
| Home 3| $350 | $255 | — | — | — |
**Calculate the mean for the sample to the nearest thousand.**
Your answer [ ]
**Calculate the standard deviation for the sample. Round your answer to the nearest thousand.**
Your answer [ ]](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6cf97c84-841f-4c92-acc3-3dd32983a74f%2Fbf8efbe1-53b5-4e66-b846-55e5cd1ffd00%2Fgvkmg2_processed.jpeg&w=3840&q=75)
Transcribed Image Text:As a real estate agent, you have been assigned by your supervisor to analyze home sales in your town for the last 5 months. Use the following table, which shows the sale price for several homes in hundreds of thousands of dollars. Note: some months have fewer values.
| | June | July | August | September | October |
|-------|------|------|--------|-----------|---------|
| Home 1| $210 | $410 | $276 | $204 | $310 |
| Home 2| $175 | $244 | $199 | $345 | $219 |
| Home 3| $350 | $255 | — | — | — |
**Calculate the mean for the sample to the nearest thousand.**
Your answer [ ]
**Calculate the standard deviation for the sample. Round your answer to the nearest thousand.**
Your answer [ ]
![**Question 1: Calculate the SEM for the sample. Round your answer to the nearest thousand.**
*Your answer: [Input Box]*
**Question 2: If we assume that housing prices are normally distributed, calculate a 95% confidence interval for the mean.**
*Your answer: [Input Box]*
---
Explanation:
1. **Standard Error of the Mean (SEM):**
- To calculate the SEM, you need the standard deviation of the sample and the sample size. The formula is:
\[
\text{SEM} = \frac{\sigma}{\sqrt{n}}
\]
- Where \(\sigma\) is the standard deviation and \(n\) is the sample size.
2. **Confidence Interval:**
- Assuming a normal distribution, a 95% confidence interval for the mean is calculated using the formula:
\[
\text{CI} = \bar{x} \pm z \times \frac{\sigma}{\sqrt{n}}
\]
- Here, \(\bar{x}\) is the sample mean, \(z\) is the z-score corresponding to the confidence level (1.96 for 95%), and \(\sigma\) is the sample standard deviation.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6cf97c84-841f-4c92-acc3-3dd32983a74f%2Fbf8efbe1-53b5-4e66-b846-55e5cd1ffd00%2Fdamklhr_processed.jpeg&w=3840&q=75)
Transcribed Image Text:**Question 1: Calculate the SEM for the sample. Round your answer to the nearest thousand.**
*Your answer: [Input Box]*
**Question 2: If we assume that housing prices are normally distributed, calculate a 95% confidence interval for the mean.**
*Your answer: [Input Box]*
---
Explanation:
1. **Standard Error of the Mean (SEM):**
- To calculate the SEM, you need the standard deviation of the sample and the sample size. The formula is:
\[
\text{SEM} = \frac{\sigma}{\sqrt{n}}
\]
- Where \(\sigma\) is the standard deviation and \(n\) is the sample size.
2. **Confidence Interval:**
- Assuming a normal distribution, a 95% confidence interval for the mean is calculated using the formula:
\[
\text{CI} = \bar{x} \pm z \times \frac{\sigma}{\sqrt{n}}
\]
- Here, \(\bar{x}\) is the sample mean, \(z\) is the z-score corresponding to the confidence level (1.96 for 95%), and \(\sigma\) is the sample standard deviation.
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