MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN: 9781119256830
Author: Amos Gilat
Publisher: John Wiley & Sons Inc
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Question

Please answer parts C and D using EXCEL:

The average sales price of a single-family house in US is $290,600. You randomly select 12 single-family houses. What is the probability that the mean sales price is more than $265,000? Assume that the sales prices are normally distributed with a standard deviation of $36,000. a) b) c) d) Use CLT to find the ux and ox? Find the z-score that corresponds t- x =$265,000 Find the cumulative area that corresponds to the Z-score and calculate the probability. Interpret the results.
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Transcribed Image Text:The average sales price of a single-family house in US is $290,600. You randomly select 12 single-family houses. What is the probability that the mean sales price is more than $265,000? Assume that the sales prices are normally distributed with a standard deviation of $36,000. a) b) c) d) Use CLT to find the ux and ox? Find the z-score that corresponds t- x =$265,000 Find the cumulative area that corresponds to the Z-score and calculate the probability. Interpret the results.
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Step 1: Given information
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Step 2: a) To calculate mean and standard deviation of sample mean
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Step 3: b) Calculate z-score corresponds to $265000
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Step 4: c) Obtain the cumulative area that corresponds to z-score and calculate the probability.
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Step 5: d) Interpret the result
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Solution
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