SOLUTION: A real estate agent lets the selling price for homes of a particular size in a particular neighborhood be given by X. She then notes that X~N(175,15), where the units are in thous

Algebra ->  Finance -> SOLUTION: A real estate agent lets the selling price for homes of a particular size in a particular neighborhood be given by X. She then notes that X~N(175,15), where the units are in thous      Log On


   

Question 978027: A real estate agent lets the selling price for homes of a particular size in a particular neighborhood be given by X. She then notes that X~N(175,15), where the units are in thousands of dollars.
What is the 29th percentile for the selling price for homes of this type (in thousands of dollars)? Round to TWO decimal places.
Answer by jim_thompson5910(35256) About Me  (Show Source):
You can put this solution on YOUR website!
Use a TI calculator to get

invNorm(0.29) = -0.5534

So z = -0.5534. Use this to find the raw score x

z = (x-mu)/sigma
-0.5534 = (x - 175)/15
-0.5534*15 = x - 175
-8.301 = x - 175
-8.301 + 175 = x
166.699 = x
x = 166.699
x = 166.70

The 29th percentile for the selling price (in thousands of dollars) is 166.70