Amy and Jeffrey are applying for a home loan. The monthly payment must be $1400 or less and they want the lowest interest rate t
2 answers:
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Answer: 0.7752
Step-by-step explanation:
Given : The proportion of all homes purchased in 2004 were considered investment properties estimated by NAR: p = 0.23
Sample size : n= 800
Required sample proportion :
Now , the probability that at least 175 homes are going to be used as investments will be :
[using p-value calculator or z-table]
Hence, the required probability = 0.7752