SOLUTION: The mean value of land and buildings per acre from a sample of farms is ​$1200 with a standard deviation of ​$200. The data set has a​ bell-shaped distribution.

Algebra ->  Finance -> SOLUTION: The mean value of land and buildings per acre from a sample of farms is ​$1200 with a standard deviation of ​$200. The data set has a​ bell-shaped distribution.      Log On


   

Question 1040205: The mean value of land and buildings per acre from a sample of farms is
​$1200 with a standard deviation of ​$200. The data set has a​ bell-shaped distribution. Assume the number of farms in the sample is 7878.
Use the empirical rule to estimate the number of farms whose land and building values per acre are between $1000 and $1400.
Answer by robertb(5830) About Me  (Show Source):
You can put this solution on YOUR website!
By the empirical rule, approximately 68% of all farms have land and building values per acre that are between $1000 and $1400,
because these two values are within 1 standard deviation of the mean $1200.
That means around 0.68*7,878 = 5,357 (rounded to the nearest whole number) farms have land and building values per acre between $1000 and $1400.