First-time buyers are very important to the housing market because these buyers allow existing homeowners to move

Question:

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, 34% of U.S. homes sold in November 2017 were purchased by first-time buyers. A random sample of 175 people who just purchased homes is selected. Use the normal distribution table to solve the questions b.-e.

a. Calculate the standard error of the proportion (round standard error to 4 decimal places).

b. What is the probability that fewer 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?

Distribution
The word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most...

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