Question
Refer to the North Valley Real Estate data, which report information on homes sold during the last year. Click here for the Excel Data File
Refer to the North Valley Real Estate data, which report information on homes sold during the last year. Click here for the Excel Data File a-1. The mean selling price (in $ thousands) of the homes was computed earlier to be $357.0, with a standard deviation of $160.7. Use the normal distribution to estimate the percentage of homes selling for more than $500.000. (Round intermediate calculations and final answer to 2 decimal places.) Percent of homes____
a-2. Is price normally distributed? Price normally distributed___ a-3. If price is normally distributed, how many homes should have a price greater than the mean? (Round your answer to 1 decimal place.) Number of homes____ b-1. The mean days on the market is 30 with a standard deviation of 10 days. Use the normal distribution to estimate the number of homes on the market more than 24 days. (Round intermediate calculations 2 decimal places and final answer to nearest whole number.) Number of homes____ b-2. If days on the market is normally distributed, how many homes should be on the market more than the mean number of days? (Round intermediate calculations 2 decimal places and final answer to nearest whole number.) Number of homes___ b-3. Does the normal distribution yield a good approximation of the actual results? The normal distribution yield a good approximation of the actual results_____
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