Question
n a typical year, there are 225 houses sold in the registers of a neighborhood in the city and we know that the expectation of
n a typical year, there are 225 houses sold in the registers of a neighborhood in the city and we know that the expectation of the average market value of the houses sold is $ 700,000 with a standard deviation of $ 45,000. According to a city analyst, it would be realistic to think that over the course of next year, the average market values of homes sold could rise to $ 705,000 given my prevailing real estate scarcity. To check if the analyst's opinion is reasonable, determine the probability that the average values of homes sold next year will be less than $ 705,000.
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