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a. What assumption regarding the population is necessary for making an interval estimate for the population mean? Assume that the population has a normal distribution. Assume that the central limit theorem applies. b. Construct the 90% confidence interval for the mean sale time for all homes in the neighborhood. (Round final answer to 2 decimal places.)

a. What assumption regarding the population is necessary for making an interval estimate for the population mean? Assume that the population has a normal distribution. Assume that the central limit theorem applies. b. Construct the 90% confidence interval for the mean sale time for all homes in the neighborhood. (Round final answer to 2 decimal places.)

College Algebra (MindTap Course List)
College Algebra (MindTap Course List)
12th Edition
ISBN:9781305652231
Author:R. David Gustafson, Jeff Hughes
Publisher:R. David Gustafson, Jeff Hughes
Chapter6: Linear Systems
Section6.8: Linear Programming
Problem 5SC: If during the following year it is predicted that each comedy skit will generate 30 thousand and...
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Exercise 8-9 Algo A family is relocating from St. Louis, Missouri, to California. Due to an increasing inventory of houses in St. Louis, it is taking longer than before to sell a house. The wife is concerned and wants to know when it is optimal to put their house on the market. Her realtor friend informs them that the last 21 houses that sold in their neighborhood took an average time of 60 days to sell. The realtor also tells them that based on her prior experience, the population standard deviation is 14 days. (You may find it useful to reference the z table.) a. What assumption regarding the population is necessary for making an interval estimate for the population mean? Assume that the population has a normal distribution. Assume that the central limit theorem applies. b. Construct the 90% confidence interval for the mean sale time for all homes in the neighborhood. (Round final answer to 2 decimal places.) Confidence interval to
Transcribed Image Text:Exercise 8-9 Algo A family is relocating from St. Louis, Missouri, to California. Due to an increasing inventory of houses in St. Louis, it is taking longer than before to sell a house. The wife is concerned and wants to know when it is optimal to put their house on the market. Her realtor friend informs them that the last 21 houses that sold in their neighborhood took an average time of 60 days to sell. The realtor also tells them that based on her prior experience, the population standard deviation is 14 days. (You may find it useful to reference the z table.) a. What assumption regarding the population is necessary for making an interval estimate for the population mean? Assume that the population has a normal distribution. Assume that the central limit theorem applies. b. Construct the 90% confidence interval for the mean sale time for all homes in the neighborhood. (Round final answer to 2 decimal places.) Confidence interval to
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