Question 1205491: In the past, the value of houses a local realtor has sold is normally distributed with a mean of $256,000 with a standard deviation of $60,000. How much does a house have to sell for so that the house is in the bottom 20% of lowest selling houses for the realtor?
Answer by ikleyn(52754)   (Show Source):
You can put this solution on YOUR website! .
In the past, the value of houses a local realtor has sold is normally distributed with a mean of $256,000
with a standard deviation of $60,000. How much does a house have to sell for so that the house is
in the bottom 20% of lowest selling houses for the realtor?
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They want you find a raw score x such that the area under the specified normal curve on the left
of this x-score be 20%, or 0.2.
For it, you can use your regular hand calculator TI-83/84 and its standard function invNorm.
The format for this function is x = invNorm(area, mean, SD).
So, you write x = invNorm(0.2, 256000, 60000),
and you get the ANSWER x = 205503.
Alternatively, you may use free of charge online calculator
https://onlinestatbook.com/2/calculators/inverse_normal_dist.html
This calculator has simple and intuitively clear interface,
so even a beginner student can use it without any problems and
without any additional explanations.
In opposite, this calculator itself is a perfect teacher,
and it quickly will teach you how to make such calculations with no errors
and with full understanding of the process.
Solved.
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