# 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 for the 2002 mean price of all such
homes.

1. 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.

posted by PsyDAG

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