In 2012, a large number of foreclosed homes in the Washington, DC metro area were sold. In one community, a sample of 30 foreclosed homes sold for an average of $443,705 with a standard deviation of $196,196.

1. What assumptions and conditions must be checked before finding a confidence interval for the mean? How would you check them?

2. Find a 95% C. I. for the mean value per home.

3. Interpret this interval and explain what 95% confidence means.

4. Suppose nationally, the average foreclsed home sold for $350,000. Do you think the average sale price in the sampled community differs significantly from the national average? Explain.