math - Please help me to understand

The average selling price of homes in a certain city is $356,300. Assume the variable is normally distributed with a standard deviation of $64,600. If 396 homes are for sale, how many homes will sell for more than $325,000? (Round up to the next whole number.)

I don't understand how to do this problem. I have a test this weekend and want to understand. It won't be the same question, but one similar. Thanks.

  1. 0
  2. 0
  3. 19
asked by Jennifer
  1. I don't know if you are using some kind of chart for the normal distribution or if you have a "fancy" calculator that can handle that.
    The method used by calculators varies from model to model, so I cannot describe it

    change your 325000 to a z-score

    z-score for 325000 = (325000-356000)/64600
    = -.4799
    If you have a table, find -.48 (the best you can probably do on the chart) to find .3156
    So the prob that the house will cost MORE than 325000 is
    1 - .3156 or .6844

    so number sold at that range is .6844(396) or 271 homes

    1. 0
    2. 0
    posted by Reiny

Respond to this Question

First Name

Your Response

Similar Questions

  1. math

    The average selling price of homes in a certain city is $356,300. Assume the variable is normally distributed with a standard deviation of $64,600. If 396 homes are for sale, how many homes will sell for more than $325,000? (Round

    asked by Jennifer on November 28, 2011
  2. math - Please help me to understand

    The average selling price of homes in a certain city is $356,300. Assume the variable is normally distributed with a standard deviation of $64,600. If 396 homes are for sale, how many homes will sell for more than $325,000? (Round

    asked by Jennifer on November 29, 2011
  3. Econ

    A firm faces the following Average Cost function AC=1500Q^-1 + 300-27Q+1.5Q^2 Calculate the output level that minimizes: a) Marginal Cost b)Average Variable cost I need some help on this question. Thanks. If the average cost is

    asked by Jack on January 12, 2007
  4. Simple Array Process

    need help with this generate only the pseudocode. No charting is required, but you will have to incorporate the bubble sort algorithm to ensure the selling prices are in order so you can determine the median selling price. Do not

    asked by Mistory on September 28, 2011
  5. Algebra

    The selling prices of houses in a city during one year were normally ditributed with a mean of $259,000 and a standard deviation of $15,000. Which of the following is closest to the percentage of the homes that had a selling Price

    asked by Jessica on September 23, 2014
  6. math

    Below are the median prices of homes sold in 2009, by region of the country. South 158,300 Northeast 248,800 Midwest 139,500 West 243,200 U.S. 180,100 The median selling price of a home in the South was approximately what fraction

    asked by Christina on October 31, 2012
  7. Manegerial accounting

    calculate the net operating income , evergreen corp has provided the following data: sales per period 1000 units ,selling price $ 40 per unit , variable manufacturing cost 12 per unit, selling expenses $5,100 pls 5% of selling

    asked by Sara on April 24, 2014
  8. 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

    asked by Jerold on April 24, 2017
  9. algebra

    At a certain real estate firm,realtors selling homes receive a commission of 7% for the first 140,000 of the selling price, and 5% for any amount exceeding 140,000. A realtor for the firm received 11,350 for selling a house. What

    asked by Lauren on June 8, 2008
  10. algebra

    At a certain real estate firm,realtors selling homes receive a commission of 7% for the first 140,000 of the selling price, and 5% for any amount exceeding 140,000. A realtor for the firm received 11,350 for selling a house. What

    asked by Lauren on June 8, 2008

More Similar Questions