# Statistics

posted by Jerold

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 for the 2002 mean price of all such
homes.

1. PsyDAG

99% = mean ± Z(SEm)

SEm = SD/√n

Find table in the back of your statistics text labeled something like "areas under normal distribution" to find the proportion/probability (.005) and its Z score. Insert data into above equation.

## Similar Questions

1. ### 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.
2. ### 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.
3. ### 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 …
4. ### 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 …
5. ### 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 …
6. ### Statistics

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 …
7. ### 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 …
8. ### 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 …
9. ### 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 …
10. ### Math

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?

More Similar Questions