The Real Estate Group NY reports that the mean monthly rent for a one-bedroom apartment without a
Question:
The Real Estate Group NY reports that the mean monthly rent for a one-bedroom apartment without a doorman in Manhattan is $2631. Assume the standard deviation is $500. A real estate firm samples 100 apartments.
a. What is the probability that the sample mean rent is greater than $2700?
b. What is the probability that the sample mean rent is between
$2500 and $2600?
c. Find the 60th percentile of the sample mean.
d. Can you tell whether it would be unusual if the sample mean were greater than $2800?
e. Do you think it would be unusual for an individual apartment to have a rent greater than $2800? Explain.
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