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 1081872: 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 48% 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 48% of the market is z between -0.705 and +0.705
z=(x-mean)/sd
15000*0.705=$10575
therefore 10575=x-mean, and x=$256,875 top end
and -10575=x-mean, and x=$235,725 bottom end
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