If the average price of a new single family home is $246,300 with a standard deviation of $15,000, find the minimum and maximum prices of the houses that a contractor will build to satisfy the middle 80% of the market. Assume home prices are approximately normally distributed.

asked by stacy

4 years ago

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1 answer

80% = Z ± 1.28

246,300 ± 1.28*15,000 = ?

answered by PsyDAG

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Question

If the average price of a new single family home is $246,300 with a standard deviation of $15,000, find the minimum and maximum prices of the houses that a contractor will build to satisfy the middle 80% of the market. Assume home prices are approximately normally distributed.

1 answer

80% = Z ± 1.28

246,300 ± 1.28*15,000 = ?

PsyDAG · Accepted Answer

80% = Z ± 1.28 246,300 ± 1.28*15,000 = ?