Assume the average selling price for houses in a certain county is $ 325,000 with a standard deviation of $ 40,000.
a. Determine the coefficient of variation.
b. Calculate the z-score for a house that sells for $ 310,000.
c. Using the empirical rule, determine the range of prices that includes 95% of the homes around the mean.
d. Using Chebyshev’s Theorem, determine the range of prices that includes at least 94% of the homes around the mean.