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New Home PricesIf the average price of a new one- family
Chapter 6, Problem 20E(choose chapter or problem)
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.
Questions & Answers
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,