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If the average of a home cost $100,000 with a deviation of $15,000. what would be...

If the average of a home cost $100,000 with a deviation of $15,000. what would be the average cost of the homes distributed. Also, if someone bought a home for 75,000, what proportion of homes cost an equal amount or more than this

please advise in terms of average deviation vs standard Deviation

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Answer #1

Average cost = u = $100,000

Standard deviation = $15,000

X = $75,000

P( X > $75,000 ) = ?

Z-score = ( X - u )/s

= ( 75000 - 100000 )/ 15000

= -25000/15000

= -1.67

P( X > $75,000 ) = P( Z > -1.67) =  0.9525 = 0.95 ... From Z score to Probability Calculator

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