SOLUTION: The average monthly mortgage payment for recent home buyers in certain city is μ = $732, with standard deviation of σ = $421 A random sample of 125 recent home buyers is
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Question 360768: The average monthly mortgage payment for recent home buyers in certain city is μ = $732, with standard deviation of σ = $421 A random sample of 125 recent home buyers is selected. The approximate probability that their average monthly mortgage payment will be more than $782 is:
A. 0.3822
B. 0.0918
C. 0.1976
D. 0.4556
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
The average monthly mortgage payment for recent home buyers in certain city is μ = $732, with standard deviation of σ = $421
A random sample of 125 recent home buyers is selected.
The approximate probability that their average monthly mortgage payment will be more than $782 is ?
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t(782) = (782-732)/[421/sqrt(125)] = 4.4721
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P(x-bar > 782) = P(t > 4.4721 when df = 124)
= tcdf(4.4721,100,124) = 0.00000838
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There must be a typo here some place.
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Cheers,
Stan H.
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A. 0.3822
B. 0.0918
C. 0.1976
D. 0.4556
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