Question

Suppose that prices of recently sold homes in one neighborhood have a mean of $220,000 with a standard deviation of $7450. Using Chebyshev's Theorem, what is the minimum percentage of recently sold homes with prices between $197,650 and $242,350? Round your answer to one decimal place.

Answer 1

The minimum percentage of recently sold homes with prices between $197,650 and $242,350 is 88.9%.

What is Mean ?

Mean is the ratio of the sum of all the data points to the number of data points.

It is given that

mean of $220,000 with a standard deviation of $7450.

The range is given , let the range is represented by x - --y

It is given that x = 197650 and y = 242350

Let the number of homes sold is k

To determine the value of k

upper level = (y-mean)/standard deviation = (242350-220000)/7450 = 3

lower level = (mean-x)/standard deviation = (220000-197650)/7450 = 3

probability = 1-(1/k²)

k= 3

= 1 - (1/3^2)

= 1 - 1/9

= 0.889 or 88.9%

So, the minimum percentage of recently sold homes with prices between $197,650 and $242,350 is 88.9%.

To know more about Mean

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