Project #22964 - Do part c of this problem

I've attached the spreadsheet and also attached an example of the same problem done with different data.   All the data you need for this problem is found below or else on the spreadsheet.

 

Descriptive Statistics for Trimmed Data Set of the Prices (reasonable prices)

 

mean =

191597.7636

   range =

483500

 
 

median =

150000

  st.dev. =

104118.9191

 
 

min =

35500

     var. =

10840749316

 
 

max =

519000

     PC =

1.198564987

 
 

Q1-1.5*iqr=

-83875

    IQR =

132550

 
 

Q3+1.5*iqr=

446325

        n =

55

 
 

Q3+3*IQR=

645150

     
           

 

 

 

 

a.    Find the probability that a randomly selected home (from all those homes that are not considered to be too much of an outlier if at all) in your state has an advertised selling price of between $175,000 and $350,000.

 

 

 

 

z=value-mean

=

175000

-

191597.7636

=

-0.16

=

0.4364

         s 

104118.9191

     
                 
                 

z=value-mean

=

350000

-

191597.7636

=

1.52

=

0.9357

         s 

104118.9191

     
                 
                 

0.9357

-

0.4364

=

0.4993

       
                 
       

49.93%

       
                 

 

 

  b. Of all the homes (whose advertised selling prices are not considered to be too much of an outlier) for sale in your state, 2.5% have an advertised selling price that is higher than what amount?

 

 

 

2.5% = .025, 1-.025 = .9750, z = 1.96

         

          z(s) + mean = x

     
         

1.96(104118.9191) + 191597.7636 = x

         
         

x=

395670.845

     

 

 

 

 For part c below, recall the Binomial Distribution portion of Week 5's Activity, which was:

According to some sources, 13% of American TV households rely solely on an antenna for receiving their television programming. Assuming that this percentage applies to your state* and assuming that all of the homes in your sample are American TV households then we have a binomial distribution for X, where X is the number of homes in your sample that rely solely on an antenna for receiving their television programming.  You were requested as part of Week 5's activity to find the probability that 4 or 5 or the homes in your sample rely solely on an antenna for receiving their television programming. 

  

    c.   Can the probability referenced above, as well as other probabilities, be reasonably approximated by using a normal distribution? Yes or no and why or why not?  Support your answer with numerical evidence, but you need not actually recalculate the probability referenced above.  

 

Subject Mathematics
Due By (Pacific Time) 02/16/2014 02:00 pm
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