Asked by Eric
You survey 1000 new home buyers and find that the mean price was $185,000 and the standard deviation was $20,000. How many paid more than $210,000?
Answers
Answered by
Scott
210000 - 185000 = 25000
25000 / 20000 = 1.25 s.d. above the mean
... this is the z-score
use a table to find the fraction above this z-score
25000 / 20000 = 1.25 s.d. above the mean
... this is the z-score
use a table to find the fraction above this z-score
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