Hi, can someone help answer number 6 with full explanation please. thank you. Is

Question

Hi, can someone help answer number 6 with full explanation please. thank you.

Island View Condominiums No Island View Condominiums List Price Sale Price Days to Sell List Price Sale Price Days to Sell 169.9 165.0 28 148.0 135.5 48 210.0 200.0 29 149.9 144.9 52 215.0 210.0 45 149.9 146.5 58 235.0 227.0 48 160.0 160.0 61 314.0 305.0 48 179.9 176.5 63 315.0 305.0 49 186.5 179.0 110 319.0 305.0 53 187.5 179.0 114 329.0 309.0 56 199.8 192.0 120 329.0 312.0 56 210.0 195.0 122 332.0 314.0 71 215.0 212.0 130 334.9 315.0 72 217.0 214.0 137 339.0 330.0 73 226.0 217.0 146 359.0 334.9 85 235.0 227.0 149 365.0 340.0 85 239.0 230.0 150 379.0 350.0 86 247.0 230.0 169 395.0 375.0 88 279.0 259.0 182 409.0 400.0 88 279.0 267.5 281 425.0 400.0 91 322.0 292.5 338 425.0 405.0 92 435.0 410.0 95 439.0 425.0 97 439.0 428.5 100 449.0 430.0 100 469.0 445.0 107 469.0 449.0 114 495.0 465.0 119 499.0 475.0 126 520.0 495.0 129 529.0 505.0 130 550.0 519.0 135 552.5 534.5 140 595.0 555.0 142 629.0 600.0 149 638.0 618.0 150 649.0 649.0 158 675.0 669.0 160 885.0 800.0 161 895.0 875.0 197 975.0 945.0 206 975.0 975.0 282 Confidence Intervals (FA16 Mod Gulf Real Estate Properties state firm located in southwest Florida t. Each No Gulf Vi the Gulf Sample data from the Multiple Listing um 40 G ded b and 18 No Gulf Managerial Report pprop condominiums variables for the 40 Gulf View pprop View condominiums variables for the 18 No Gulf 3. Comp understand the condominium market. would help a real estate agent 4. Develop a 95% c days to sell for a Gulf View and population mean number of condominium. Interpret your results 5. Develop a 95% confidence interval estimate of the population mean sales price and population mean number of days to sell for a No Gulf View condominium. Interpret your results two new listings 6. Gulf Real Estate Properties just signed contracts for Gulf View condominium with a list price of $589,000 No Gulf View condominium with a list price of $285,000 required What is your estimate of the final selling price and number of days to sell each of these units? Explain the reason for your estimates odule 8 Assignment: Confidence Intervals (FA16) Gulf View Condominiums No Gulf View Condominiums Day Price Price Price 475.0 495.0 30 217.0 217.0 350.0 379.0 519.0 29.0 85 186.5 179.0 34.5 239.0 334.9 4.9 279.0 550.0 505.0 92 214.0 165.0 197 279.0 69.9 259.0 210.0 210.0 79.9 73 149.9 975.0 945.0 44 235.0 230 4.0 314.0 26 99 92.0 210.0 00.0 212.0 975.0 226.0 975.0 00 149.9 146.5 469.0 445.0 329.0 49 29 30.0 22.0 79 2.0 227.0 247.0 425.0 405.0 49 409.0 400.0 28 649 29 9.0 425.0 410.0 469.0 449.0 72 75.0 Gulf Module 8 Assignment: Confidence Intervals (FA16 View Condominiums No Gulf View Condominiums Sale Days to rice Price 499.0 Sell 465.0 Price Pric Days to 439.0 86 428.5 439.0 430.0 435.0 60 400.0 235.0 206 227.0 638.0 618.0 629.0 00 600.0 329.0 97 309.0 595.0 555.0 339.0 315.0 215.0 50 200.0 395.0 48 375.0 449.0 35 425.0 53

Explanation / Answer

Gulf View condominium with a list price of $589,000

Form our preciously calculated descriptive statistics we know that for a Gulf View

Condominium the mean price list is474.0075and the mean sale price is 454.245.

$474,000 - $454,245 = $20,755

So they sell on average $20,755 below the list price.

20,755/474,000 = .0437869198

So on average a Gulf View condominium sells on average 4.38% below its list price.

589,000×(1.0438)=563,209.5042

So the estimated selling price is about$563,210

My estimated number of days required to sell this unit is from the mean number of days calculated in number 1 which is106 days.

No Gulf View condominium with a list price of $285,000

From our previously calculated descriptive statistics we know that for a No Gulf View Condominium the mean price list is212.8055556 and the mean sale price is 203.1333333.

$212,806 - $203,133 = $9,673

So they sell on average $9,673 below the list price.9,673/212,806 = .045454545

So on average a No Gulf View condominium sells on average 4.545% below its list price.

$285,000×(1.04545)=272,045.4545

So the estimated selling price is about$272,045

My estimated number of days required to sell this unit is the from the mean number of days calculated in number 2 which is 135 days.

When comparing the averages of the three variables from Gulf View condominiums to the three variables from No Gulf View condominiums you can seethat Gulf View condominiums tend to be more expensive yet also sell quicker thanNo Gulf View condominiums.When comparing the average list price of a Gulf View condominium to theaverage sales price of a Gulf View condominium you can see that on average they sellfor less than their list price. $474,000 - $454,245 = $20,755. So they sell on average$20,755 below the list price

. 20,755/474,000 = .0437869198. So on average a GulfView condominium sells on average 4.38% below its list price

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