Russell is doing some research before buying his first house. He is looking at two different areas of the city, and he wants to know if there is a significant difference between the mean prices of homes in the two areas. For the 39 homes he samples in the first area, the mean home price is $174,900. Public records indicate that home prices in the first area have a population standard deviation of $22,020. For the 31 homes he samples in the second area, the mean home price is $195,800. Again, public records show that home prices in the second area have a population standard deviation of $22,715. Let Population 1 be homes in the first area and Population 2 be homes in the second area. Construct a 99% confidence interval for the true difference between the mean home prices in the two areas. Round the endpoints of the interval to the nearest whole number, if necessary.
Russell is doing some research before buying his first house. He is looking at two different areas of the city, and he wants to know if there is a significant difference between the mean prices of homes in the two areas. For the 39 homes he samples in the first area, the mean home price is $174,900. Public records indicate that home prices in the first area have a population standard deviation of $22,020. For the 31 homes he samples in the second area, the mean home price is $195,800. Again, public records show that home prices in the second area have a population standard deviation of $22,715. Let Population 1 be homes in the first area and Population 2 be homes in the second area. Construct a 99% confidence interval for the true difference between the mean home prices in the two areas. Round the endpoints of the interval to the nearest whole number, if necessary.
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