Solution Found!
Check to see whether the correction factor should be used.
Chapter 6, Problem 27EC(choose chapter or problem)
Check to see whether the correction factor should be used. If so, be sure to include it in the calculations
Home ValuesA study of 800 homeowners in a certain area showed that the average value of the homes was $82.000, and the standard deviation was $5000. If 50 homes are for sale, find the probability that the mean of the values of these homes is greater than $83.500.
Questions & Answers
QUESTION:
Check to see whether the correction factor should be used. If so, be sure to include it in the calculations
Home ValuesA study of 800 homeowners in a certain area showed that the average value of the homes was $82.000, and the standard deviation was $5000. If 50 homes are for sale, find the probability that the mean of the values of these homes is greater than $83.500.
ANSWER:Step 1 of 2
From the given problem we have
The mean
The standard deviation
The sample size n = 50
The population size N = 800.
Here we have to find the probability that the mean of the values of these homes is greater than $83.500.