Probability of Mean Difference in House Prices
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Assume that house prices in a neighborhood are normally distributed with standard deviation $20,000. A random sample of 16 observations is taken. What is the probability that the sample mean differs from the population mean by more than $5,000?
A. 0.3174
B. 0.1587
C. 0, because it is assumed that the sample mean is equal to the population mean in a normally distributed population
D. Cannot be determined form the information given.
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Solution Summary
Solution attaches a .doc file with the calculations shown and briefly explained for how to use the given data on house prices to judge whether the two samples' means are different.
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