Question

Assume the average selling price for houses in a certain county is $329,000 with a standard deviation of $26,000

a) Determine the coefficient of variation.

b) Calculate the z-score for a house that sells for $295,000

c) Using the Empirical Rule, determine the range of prices that includes 95% of the homes around the mean.

d). Using Chebychev's Theorem, determine the range of prices that includes at least 88% of the homes around the mean.

This is where you solve.

A. Determine the coefficient of variation.

CV=

(round to one decimal place)

B.Calculate the z-score for a house that sells for $295,000

Z=

(round to two decimal places)

C.Using the Empirical Rule, determine the range of prices that includes 95% of the homes around the mean.

Upper bound x =$

Lower bound x =$

(round to the nearest dollar as needed)

(an example looks like $436,000)

D.Using Chebychev's Theorem, determine the range of prices that includes at least 88% of the homes around the mean.

Upper bound x =$

Lower bound x=$

(round to the nearest dollar as needed)

(an example looks like $898,000)

(please show all work and round to correct asking decimal places)

.

.

Answer #1

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