1. The mean monthly mortgage paid by all home owners in a town is $2365 with a standard deviation of $340. a) Using Chebyshev’s theorem, find at least what percentage of all home owners in this town pay a monthly mortgage of (i) $1685 to $3045 & (ii) $1345 to $3385

Question

b) Using Chebyshev’s theorem, find the interval that contains the monthly mortgage payments of at least 84% of all home owners in this town.

Answer 1

Chebyshev's theorem says:
1. Within two standard deviations of the mean, you will find at least 75% of the data.
2. Within three standard deviations of the mean, you will find at least 89% of the data.

Part (i) is within two standard deviations of the mean.
Part (ii) is within three standard deviations of the mean.

Answer 2

There is a formula you can use to find part b).

1 - (1/k^2) = .84 (or 84%)
k = 2.5 (standard deviations)

Therefore, find the amounts within 2.5 standard deviations of the mean. Remember that one standard deviation is equal to $340.

I'll let you take it from here.

Answer 3

I went answer

Answer 4

The mean monthly mortgage paid by all home owners in a town is $2365 with a standard deviation of $340.
a) Using Chebyshev’s theorem, find at least what percentage of all home owners in this town pay a monthly mortgage of $1685 to $3045
b) Using Chebyshev’s theorem, find the interval that contains the monthly mortgage payments of at least 84% of all home owners.

Answer 5

The average monthly mortgage payment in a large city is $1850 with a standard deviation of $200.

Use Chebyshev's Rule to address the following questions. Round solutions to two decimal places, if necessary.

At least 88.89% of the monthly mortgage payments lie between $
and $
.

At least what percentage of the monthly mortgage payments lie between $450 and $3250?
%

At least what percentage of the monthly mortgage payments lie between $1450 and $2250?