(a) Explanation Given: The total number of homes for sale is 800. The mean price is $360,600. The standard deviation is $112,000. Formula used: “For a given data value from a data set that is normally distributed , we define that value’s z score to be z = Data value − mean standard deviation ”. Calculation: Calculate the value of z scores for 500,000. z = value − mean standard deviation = 500 , 000 − 360 , 600 112 , 000 = 139 , 400 112 , 000 ≈ 1.24 By the use of online calculator, the area between z = 0 and z = 1.24 is 0.393. Draw the normal distribution graph for the above data as shown below in Figure 1 (b) To determine To find: The number of homes which has price between $200,000 and $300,000. (c) To determine To find: The number of homes which has price less than $150,000.

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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.

Chapter 11.7, Problem 21E

(a)

To determine

To find: The number of homes which has price more than $500,000.

(b)

To determine

To find: The number of homes which has price between $200,000 and $300,000.

(c)

To determine

To find: The number of homes which has price less than $150,000.

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Chapter 11.7, Problem 20E

Chapter 11.7, Problem 22E

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