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Exercise 13-41 Static First National Bank employs three real estate appraisers whose job is to establish a property's market value before the bank offers a
Exercise 13-41 Static First National Bank employs three real estate appraisers whose job is to establish a property's market value before the bank offers a mortgage to a prospective buyer. It is imperative that each appraiser values a property with no bias. Suppose First National Bank wishes to check the consistency of the recent values that its appraisers have established. The bank asked the three appraisers to value (in $1,000s) three different types of homes: a cape, a colonial, and a ranch. The accompanying table shows the results. Assume that values are normally distributed. (You may find it useful to reference the g table.) Appraiser 1 Appraiser 2 Appraiser 3 Cape 425 415 430 Colonial 530 550 540 Ranch 390 400 380 picture Click here for the Excel Data File
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