Question:

The annual appraisal of the housing market by the American Association of Realtors indicated that mean price of houses in a suburban area of New York has fallen to $165,100. Suppose in a sample of 400 houses the current prices in the New York market have probability distribution that is skewed to the right with a mean of$165,100 and a standard deviation of$29,500

1. What is the probability that the mean price obtained from the sample will be within $3,000 of the population mean?
2. What is the probability that the mean price obtained from this sample will be lower than the population mean by $2,500 or more?

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