I've attached the spreadsheet and also attached an example of the same problem done with different data. All the data you need for this problem is found below or else on the spreadsheet.
Descriptive Statistics for Trimmed Data Set of the Prices (reasonable prices) |
|||||

mean = |
191597.7636 |
range = |
483500 |
||

median = |
150000 |
st.dev. = |
104118.9191 |
||

min = |
35500 |
var. = |
10840749316 |
||

max = |
519000 |
PC = |
1.198564987 |
||

Q1-1.5*iqr= |
-83875 |
IQR = |
132550 |
||

Q3+1.5*iqr= |
446325 |
n = |
55 |
||

Q3+3*IQR= |
645150 |
||||

a. Find the probability that a randomly selected home (from all those homes that are not considered to be too much of an outlier if at all) in your state has an advertised selling price of between $175,000 and $350,000.

z=value-mean |
= |
175000 |
- |
191597.7636 |
= |
-0.16 |
= |
0.4364 |

s |
104118.9191 |
|||||||

z=value-mean |
= |
350000 |
- |
191597.7636 |
= |
1.52 |
= |
0.9357 |

s |
104118.9191 |
|||||||

0.9357 |
- |
0.4364 |
= |
0.4993 |
||||

49.93% |
||||||||

b. Of all the homes (whose advertised selling prices are not considered to be too much of an outlier) for sale in your state, 2.5% have an advertised selling price that is higher than what amount?

2.5% = .025, 1-.025 = .9750, z = 1.96 |
||||

z(s) + mean = x |
||||

1.96(104118.9191) + 191597.7636 = x |
||||

x= |
395670.845 |

**For part c below, recall the Binomial Distribution portion of Week 5's Activity, which was:**

According to some sources, 13% of American TV households rely solely on an antenna for receiving their television programming. Assuming that this percentage applies to your state* and assuming that all of the homes in your sample are American TV households then we have a binomial distribution for X, where X is the number of homes in your sample that rely solely on an antenna for receiving their television programming. You were requested as part of Week 5's activity to find the probability that 4 or 5 or the homes in your sample rely solely on an antenna for receiving their television programming.

c. Can the probability referenced above, as well as other probabilities, be reasonably approximated by using a normal distribution? **Yes or no and why or why not?** Support your answer with numerical evidence, but you need not actually recalculate the probability referenced above.

Subject | Mathematics |

Due By (Pacific Time) | 02/16/2014 02:00 pm |

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