(Solved) If the average price of a new home is $182,545, find the maximum and minimum prices of the houses a contractor will build to include the middle
Question: If the average price of a new home is $182,545, find the maximum and minimum prices of the houses a contractor will build to include the middle 75% of the market. Assume that the standard deviation of prices is $2,500 and the variable is normally distributed.
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![[Solution] In a normal distribution, find the](/images/solutions/MC-solution-library-36992.jpg "[Solution] In a normal distribution, find the standard deviation")
[Solution] In a normal distribution, find the standard deviation
(See Steps) State the Central Limit theorem in your own words. This
(See Steps) The sample mean is the best point estimate of the
Solution: When the population standard deviation is unknown and
![[Step-by-Step] Use the following data to answer](/images/solutions/MC-solution-library-36996.jpg "[Step-by-Step] Use the following data to answer all parts of this question:")
[Step-by-Step] Use the following data to answer all parts of this question:
Properties of the Standard Normal Distribution - MathCracker.com