SOLUTION: If the average price of a new one-family home is $246,300 with a standard deviation of $15,000, find the minimum and maximum prices of the houses that a contractor will build to sa

Question 1081767: If the average price of a new one-family home is $246,300 with a standard deviation of $15,000, find the minimum and maximum prices of the houses that a contractor will build to satisfy the middle 80% of the market. Assume that the variable is normally distributed.
Min:
Max:

Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
The middle 80% is between the 10th and the 90th percentiles.
z=+/-1.28
1.28=(x-246,300)/15,000
19200=x-246,000
maximum is x=$265,200
minimum ix x=$226,800, using z=-1.28

RELATED QUESTIONS
If the average price of a new one-family home is $246,300 with a standard deviation of... (answered by CPhill)

If the average price of a new one-family home is $246,300 with a standard deviation of... (answered by stanbon)

If the average price of a new one-family home is $246,300 with a standard deviation of... (answered by Boreal)

If the average price of a new home is $145,500, find the maximum and minimum prices of... (answered by stanbon)

The average price of a used car is $6500 with a standard deviation of 850. If the prices... (answered by FrankM)

The average sales price of a single-family house in the United States is $290,600. You... (answered by Theo)

The results of a recent survey indicate that the average new car costs $23,000 with a... (answered by Boreal)

The results of a recent survey indicate that the average new car costs $23,000 with a... (answered by Theo)

A. The average expenses of the Alvarez Family is Php. 12,600 every half of a month with a (answered by ikleyn)