New Home PricesIf the average price of a new one- family

Chapter 6, Problem 20E

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QUESTION:

New-Home Prices If the average price of a new one-family home is $246,300 with a standard deviation of $15,000, find the minimum and maximum prices of the houses that a contractor will build to satisfy the middle 80% of the market. Assume that the variable is normally distributed.

Source: New York Times Almanac.

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QUESTION:

New-Home Prices If the average price of a new one-family home is $246,300 with a standard deviation of $15,000, find the minimum and maximum prices of the houses that a contractor will build to satisfy the middle 80% of the market. Assume that the variable is normally distributed.

Source: New York Times Almanac.

ANSWER:

Problem 20E

New Home Prices If the average price of a new one- family home is $246,300 with a standard deviation of $15,000, find the minimum and maximum prices of the houses that a contractor will build to satisfy the middle 80% of the market. Assume that the variable is normally distributed.

Step by step solution:

Step 1:

Given,

Mean,

Standard deviation,

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