Question: According to a recent article in Worth, the average price of a house on Marco Island, Florida, is $2.6 million. Assume that the standard deviation

According to a recent article in Worth, the average price of a house on Marco Island, Florida, is $2.6 million. Assume that the standard deviation of the prices is $400,000. A random sample of 75 houses is taken and the average price is computed.

What is the probability that the sample mean exceeds $3 million?

Step by Step Solution

★★★★★

3.38 Rating (170 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

PX 3M 000 Sampling Distribution of Sample ... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

463-M-S-S-D (1021).docx

120 KBs Word File

Students Have Also Explored These Related Statistics Questions!

Use the table and figure below describing a network and its parameters. MTU (B) Network Gateway Link | Cost LAN A G1 2500 L1 G2 2000 1500 L2 L3 3 G3 MAN C LAN B G4 G5 2000 L4 1500 L5 Assume all...

According to a recent article in The Atlanta Journal-Constitution (Jan., 29th 2004), materialism, not necessity, gave birth to dual-income families. In supporting the argument, the author cites the...

Assume that the standard deviation of monthly rents paid by students in a particular town is $40. A random sample of 100 students was taken to estimate the mean monthly rent paid by the whole student...

Alaska Oil Corporation Capital Budgeting Directed David Fay, Alaska Oil's financial vice president, is preparing a report for the monthly directors' meeting. An important issue is on the agenda, a...

1 (1 point) You own a small storefront retail business and are interested in determining the average amount of money a typical customer spends per visit to your store. You take a random sample over...

ITEM #1 LEARNING FROM THE HEADLINES True to the Learning from the Headlines approach of this course, watch the Part Three Intro Video after you read the short article the video highlights. Notice...

American Airlines' 2010 Insurance Renewal The underlying principle of insurance markets is that premiums paid by many cover losses suffered by a few. Commercial aircraft insurance resembles...

Find the z value to the right of the mean so that 62.93% of the area under the distribution curve lies to the left of it. Question 1 options: Question 2 (4 points) Find the z value to the right of...

Find the z value to the right of the mean so that 62.93% of the area under the distribution curve lies to the left of it. Question 1 options: Question 2(4 points) Find the z value to the right of the...

Which of the two options do you think has the most potential to franchise as a franchisee ? Which of the two concepts do you think has the most to franchise as a franchsior? Use figures from the case...

Evaluate the expression -9 and write the result in the form a + bi. The real number a equals The real number b equals

With higher gasoline prices, the U.S. government wants people to buy more hybrid cars that use much less gasoline. Unfortunately, hybrids are approximately $4,000 to $5,000 more expensive to purchase...

11. In Exhibit 4, assume Multiplex tickets cost $6 each, video rentals cost $2 each, and bags of popcorn cost $1 each. Suppose the consumer has $12 per week to spend on Multiplex tickets, video...

Give three possible advantages of decentralisation of the treasury function.

Each of the following three data sets represents the IQ scores of a random sample of adults. IQ scores are known to have a mean and median of 100. For each data set, determine the mean and median....

Mr. Zuro finds the mean height of all 14 students in his statistics class to be 68.0 inches. Just as Mr. Zuro finishes explaining how to get the mean, Danielle walks in late. Danielle is 65 inches...

A professor has recorded exam grades For 20 students in his class, but one of the grades is no longer readable. If the mean score on the exam was 82 and the mean of the 19 readable scores is 84, what...

In a certain town up in the mountains there are no bears at time t = 0. Brown bears and grizzly bears arrive according to two independent Poisson processes with respective arrival rates and . (a)...

Tiga sistem injeksi bahan bakar diuji efisiensinya dan diperoleh data sebagai berikut: Sistem 1 Sistem 2 Sistem 3 48 60 57 56 56 55 46 53 52 45 60 50 50 51 21 pasangan sistem injeksi mana yang...

Exodus Limousine Company has $1,000 par value bonds outstanding at 10 percent interest. The bonds will mature in 50 years. Use Appendix B and AppendixD for an approximate answer but calculate your...