Suppose that prices of recently sold homes in one neighborhood have a mean of $215,000 with a standard deviation of $8900. Using
1 answer:
Answer:
The minimum percentage of recently sold homes with prices between $197,200 and $232,800 is 75%.
Step-by-step explanation:
Chebyshev Theorem
The Chebyshev Theorem can also be applied to non-normal distribution. It states that:
At least 75% of the measures are within 2 standard deviations of the mean.
At least 89% of the measures are within 3 standard deviations of the mean.
An in general terms, the percentage of measures within k standard deviations of the mean is given by .
In this question:
Mean of $215,000, standard deviation of $8900.
What is the minimum percentage of recently sold homes with prices between $197,200 and $232,800?
215000 - 2*8900 = 197200
215000 + 2*8900 = 232800
Within 2 standard deviations of the mean, so:
The minimum percentage of recently sold homes with prices between $197,200 and $232,800 is 75%.
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