Statistics
posted by Nesa .
In 2002, the average price of new homes in a certain suburb was $145,000. Assume that this mean is based on a random sample of 1000 new home sales and that the sample standard deviation is $24,000. Construct a 95% confidence interval for the 2002 mean price of all such homes

95% = mean ± 1.96 SEm
SEm = SD/√n
Respond to this Question
Similar Questions

Stats
The average price for new mobile homes is known to be distributed with a standard deviation of 350. if a random rample of 49 homes resulted in a sample mean of 38500, obtain a 90% confidence interval on the population mean. 
statistics
The average price for new mobile homes is known to be distributed with a standard deviation of 350. if a random sample of 49 homes resulted in a sample mean of 38500, obtain a 90% confidence interval on the population mean. 
Econ/statistics
The monthly earnings of teachers is normally distributed with a mean of $3,000 and the standard deviation of $250. We select a sample of 87 teachers. The sampling distribution of the sample mean has an expected value and standard deviation … 
statistics
A student was asked to compute the mean and standard deviation for the following sample of n _ 5 scores: 81, 87, 89, 86, and 87. To simplify the arithmetic, the student first subtracted 80 points from each score to obtain a new sample … 
statistics
you are asked to estimate the average weight of an adult male passenger for a study to maximize the number of seats in a certain airplane. you collect random weights of 1000 men passengers from a population of 100,000. you find that … 
Statistics
A large furniture store has begun a new ad campaign on local television. Before the campaign, the long term average daily sales were $24,819. A random sample of 40 days during the new ad campaign gave a sample mean daily sale of x(bar)=$25,910 … 
statistics
In a certain region, the mean annual salary for plumbers is $51,000. Let x be a random variable that represents a plumber's salary. Assume the standard deviation is $1300. If a random sample of 100 plumbers is selected, what is the … 
Statistics
Dr. Hernandez plans to measure FEV in a random sample of n young women from a certain popu lation, and to use the sample mean y ̄ as an estimate of the population mean. Let A be the event that Hernandez’s sample mean will be … 
Statistics
A sample of 12 measurements has a mean of 37 and a standard deviation of 4.25. Suppose that the sample is enlarged to 14 measurements, by including two additional measurements having a common value of 37 each. A. Find the mean of the … 
Statistics
In 2015, the average price of new homes in a certain suburb was $145,000. Assume that this mean is based on a random sample of 1000 new home sales and that the sample standard deviation is $24,000. Construct a 99% confidence interval …