A subdivision of 50 houses has a mean price of $300,000, a median of $260,000, and a standard deviation of $30,000. a new house
1 answer:
A subdivision of 50 houses has a mean price of $300,000, a median of $260,000, and a standard deviation of $30,000. a new house is then built in the subdivision that has a price of $800,000. what is the new mean?
Solution: We are given that the mean of 50 houses = $300,000.
Therefore, the total price of 50 houses = 50 x $300,000 = $15,000,000
Now if one new house is built and cost of the new house = $800,000
Now the total price of 51 houses $15,000,000 + $800,000 = 15,800,000
Therefore, the new mean of 51 houses is:
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Answer:
b. 2.333
Step-by-step explanation:
Test if the mean transaction time exceeds 60 seconds.
At the null hypothesis, we test if the mean transaction time is of 60 seconds, that is:
At the alternate hypothesis, we test if it exceeds, that is:
The test statistic is:
In which X is the sample mean, is the value tested at the null hypothesis, s is the standard deviation of the sample and n is the size of the sample.
60 is tested at the null hypothesis:
This means that
A sample of 16 ATM transactions shows a mean transaction time of 67 seconds with a standard deviation of 12 seconds.
This means that
Value of the test statistic:
Thus, the correct answer is given by option b.