Question 1081767: 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 80% 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 80% is between the 10th and the 90th percentiles.
z=+/-1.28
1.28=(x-246,300)/15,000
19200=x-246,000
maximum is x=$265,200
minimum ix x=$226,800, using z=-1.28
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