Question: Suppose that you are thinking of buying a resale home
Suppose that you are thinking of buying a resale home in a large tract. The owner is asking $205,500. Your realtor obtains the sale prices of comparable homes in the area that have sold recently. The mean of the prices is $220,258 and the standard deviation is $5,237. Does it appear that the home you are contemplating buying is a bargain? Explain your answer using the z-score and Chebychev's rule.
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