Housing prices in a small town are normally distributed with a mean of 131000 and a standard deviation of $9000 . Use the empirical rule to complete the following statement. Approximately 95% of housing prices are between a low price of
Approximately 95% of housing prices are between a low price of $113,000 and a high price of $149,000.
In order to determine the low and high price values, we need to apply the empirical rule.
According to the empirical rule, approximately 95% of values in a normal distribution are within 2 standard deviations of the mean.
Therefore, to calculate the low price:
Low price = mean - (2 * standard deviation)
Low price = 131000 - (2 * 9000)
Low price = 131000 - 18000
Low price ≈ $113,000
Hence, approximately 95% of housing prices are between a low price of $113,000.