Question

(i) A point estimate of the mean "Sold Price" of the population of properties.

(ii) A 90% confidence interval estimate of the mean "Sold Price" of the population of properties.

(iii) Make a brief verbal statement explaining the meaning of the confidence interval estimate obtained in(ii) in the context of the variable in this task.

(b) If the population mean "Sold Price" is actually 1650 ($000s), would you consider the interval estimate obtained in (a), to be satisfactory? Explain why or why not.

SOLD PRICE ($OOO) Mean 1597.478889 Standard Error 250.4613621 Median 861 Mode 8200 Standard Deviation 1680.145894 Sample Variance 2822890.225 Kurtosis 4.848527578 Skewness 2.034255349 Range 8088 Minimum 112 Maximum 8200 Sum 71886.55 Count 45 Confidence Level(90%) 420.8326742