MAT-156-9xMcGraw-Hill Connect MathPearson\'s Coefficient of Skew x //www-awh.con

Question

MAT-156-9xMcGraw-Hill Connect MathPearson's Coefficient of Skew x //www-awh.connectmath.com/alekscgi x/ls.exe/1o. u-lgNskr7j8P3/+-l0sBhiMThH5pUZZMO3Q(6pcb Hosted by ALEKS Corp. Unit 6 Test Previous 2 3 4 5 6 7 8 9 10 Next Question 10 of 19 (1 point) 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 46% of the market. Assume that the variable is normally distributed. Round-value calculations to 2 decimal places and final answers to the nearest dollar Source: New York Times Almanac. Minimum price : S Maximum price :S Ti 0

Explanation / Answer

Ans:

z cut off value for middle 46% is +/-0.61

(as (1-0.46)/2=0.27 and normsinv(0.27)=-0.61 and normsinv(1-0.27)=+0.61)

Given that

mean=246300

standard deviation=15000

so,

minimum value=246300-0.61*15000=237150

maximum value=246300+0.61*15000=255450

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