2. Award: 3.70 out of 11.11 points A family is relocating from St. Louis, Missou

Question

2. Award: 3.70 out of 11.11 points A family is relocating from St. Louis, Missouri, to California. Due to an increasing inventory of houses in St. Louis, it is taking longer than before to sell a house. The wife is concerned and wants to know when it is optimal to put their house on the market. Her realtor friend informs them that the last 24 houses that sold in their neighborhood took an average time of 150 days to sell. The realtor also tells them that based on her prior experience, the population standard deviation is 65 days. Use Table 1. a What assumption regarding the population is necessary for making an interval estimate for the population mean? Assume that the population has a normal distribution. O b. Construct the 99% confidence interval for the mean sale time for all homes in the neighborhood. (Round intermediate calculations to 4 decimal places. Round "z-value" to 3 decimal places and final answer to 2 decimal places.) 126.99 to Confidence interval 176.000 Hints eBook & Resources Hint #1

Explanation / Answer

2)

b) std error of mean =std deviation/(n)1/2 =65/(24)1/2 =13.268

for 99% CI. zscore =2.5758

therefore 99% confidence interval =mean -/+ z*std deviation =115.82 ; 184.18

7)

here margin of error E =1.5

std deviation =7.5

for 90% CI; z=1.645

hence sample size n =(z*std deviation/E)2 =~68

Related Questions

Navigate

• Browse (All)
• Browse 2
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.