Thanks for helping can you show the steps
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.
Answer:
Step-by-step explanation:
If the population increases at a rate of 4% per annum, then:
In year 1:
Where is the initial population and
is the population in year n
In year 2
It can also be written as:
Taking out common factor
Taking out common factor (1 + 0.04)
Taking out again common factor
Simplifying
So
This is the equation that represents the population for year n
Then, in 4 years, the population will be: