Question
A real estate association for a specific city puts the average price at which a house was sold in a given year at $279,589. Assume
A real estate association for a specific city puts the average price at which a house was sold in a given year at $279,589. Assume that the standard deviation of the house prices is $127,420. Suppose a researcher did a survey of a random selection of 37 house sale prices in this year and obtained an average house price of $307,095. What's the chance that such a survey would have resulted in an average price this high orhigher?
There is a
nothing
chance that such a survey would have resulted in an average price this high or higher.
(Round to four decimal places asneeded.)
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