The graph above depicts the effect of a significant increase in individual income taxes, taking them to their highest level in 5
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Based on the information given, it should be noted that the probability that the mean value is less will be 0.9863.
<h3>Solving the probability.</h3>From the complete information, the mean of the distribution is $403,000 and the standard deviation is $278,000 and the number of houses is 40.
Therefore, the probability that the mean value of the 40 houses is less than 500000 will be:
= P [Z < (500000 - 403000)/43955.66)
= P(Z < 2.2067)
Looking at the z value, this will be 0.9863.
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