SOLUTION: Mean rent in a city is $750 per month with a standard deviation of $50. The rents are normally distributed. You randomly select 36 apartments in this city. What is the probability
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Question 691105: Mean rent in a city is $750 per month with a standard deviation of $50. The rents are normally distributed. You randomly select 36 apartments in this city. What is the probability that the mean price will be more than $725?
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
Mean rent in a city is $750 per month with a standard deviation of $50. The rents are normally distributed. You randomly select 36 apartments in this city. What is the probability that the mean price will be more than $725?
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std for the means of samples of size 36 is 50/sqrt(36] = 50/6 = 25/3
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z(725) = (725-750]/(25/3] = -75/25 = -3
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P( x-bar > 725) = P( z > -3) = 0.9987
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Cheers,
Stan H.
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