Question: First time buyers are very important to the housing market

First time buyers are very important to the housing market because these buyers allow existing homeowners to “move up” into their next home. According to the National ­Association of Realtors, 31% of U. S. homes sold in November 2012 were purchased by first time buyers. A random ­sample of 175 people who just purchased homes is selected.
a. Calculate the standard error of the proportion.
b. What is the probability that less than 58 of them are first time buyers?
c. What is the probability that more than 62 of them are first time buyers?
d. What is the probability that more than 52 of them are first time buyers?
e. What is the probability that between 44 and 50 of them are first time buyers?



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  • CreatedJuly 17, 2015
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