Mathematics, 09.04.2020 23:33 jjmo
In one community, a random sample of 2525 foreclosed homes sold for an average of $443,934 with a standard deviation of $195,364.
a) What assumptions and conditions must be checked before finding a confidence interval for the mean? How would you check them?
b) Find a 95% confidence interval for the mean value per home.
c) Interpret this interval and explain what 95% confidence means.
d) Suppose nationally, the average foreclosed home sold for $488,000. Do you think the average sale price in the sampled community differs significantly from the national average? Explain
Answers: 3
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In one community, a random sample of 2525 foreclosed homes sold for an average of $443,934 with a st...
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