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Prices of homes in Raleigh, North Carolina are Normally distributed with a mean of $231,600 and a standard deviation of $38,550. a) What is the
Prices of homes in Raleigh, North Carolina are Normally distributed with a mean of $231,600 and a standard deviation of $38,550.
a) What is the probability that a randomly selected home is worth more than $300,000?
b) Take an SRS of 5 homes. What is the probability that the mean price of these homes is more than $300,000?
c) What is the probability that the mean price of an SRS of 75 homes is more than $300,000?
d) Why has the probability decreased so dramatically from part (a) to part (c)?
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