SOLUTION: Question text
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 uni
Algebra ->
Finance
-> SOLUTION: Question text
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 uni
Log On
Question 978071: Question text
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 70th percentile for the selling price for homes of this type (in thousands of dollars)? Round to TWO decimal places.
Answer: Answer by rothauserc(4718) (Show Source):
You can put this solution on YOUR website! we want the z-value associated with probability 0.70, this is a normal distribution so consult table of z-values
z-value = 0.52, therefore
0.52 = ( X - 175 ) / 15
X - 175 = 7.8
X = 182.8
The 70th percentile for the selling price is $182.80 (in thousands of dollars)
