Round 7,425 to nearest thousand
1 answer:
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Answer:
The distribution will be approximately normal, with mean 350,000 and standard deviation 25,298.
Step-by-step explanation:
The Central Limit Theorem estabilishes that, for a normally distributed random variable X, with mean and standard deviation
, the sampling distribution of the sample means with size n can be approximated to a normal distribution with mean
and standard deviation
.
For a skewed variable, the Central Limit Theorem can also be applied, as long as n is at least 30.
Population:
Suppose the selling price of homes is skewed right with a mean of 350,000 and a standard deviation of 160000
Sample of 40
Shape approximately normal
Mean 350000
Standard deviation
The distribution will be approximately normal, with mean 350,000 and standard deviation 25,298.