Answer:
a) 0.71
b) 0.9863
Step-by-step explanation:
a. Given the mean prices of a house is $403,000 and the standard deviation is $278,000
-The probability the probability that the selected house is valued at less than $500,000 is obtained by summing the frequencies of prices below $500,000:
Hence, the probability of a house price below $500,000 is 0.71
b. -Let X be the mean price of a randomly selected house.
-Since the sample size 40 is greater than 30, we assume normal distribution.
-The probability can therefore be calculated as follows:
Thus, the probability that the mean value of the 40 houses is less than $500,000 is 0.9863
She needs to park 16 cars.
$152- 56 = 96
96/6= 16
Answer:
Sample size
Step-by-step explanation:
Central Limit Theorem states that population with mean and standard deviation and if the sample size is large then the distribution of sample mean will be will be normally distributed. The central limit theorem holds assumptions that the factors to be considered when assessing central limit theorem is sample size.
To earn $345.45 simple interest in 7 years, you have to invest $940.
<u>Step-by-step explanation:</u>
Step 1:
Given details are Simple Interest Rate (R) = 5.25%, Simple Interest (SI) = $345.45, Time (T) = 7 years
Step 2:
Use the above details to find principal using the formula for Simple Interest (SI) = PRT/100
⇒ 345.45 = (P × 5.25 × 7)/100
⇒ 34545 = 36.75 P
⇒ P = $940
