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A A real estate agency wants to compare the appraised values of single-family homes in two Black...

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Basic Math

A

  • A real estate agency wants to compare the appraised values ofsingle-family homes in two Black Hawks County communities. A randomsample of 60 listings in Cedar Falls and 95 listings in Waterlooyields the following results (in thousands of dollars):

Appraised value

Standard deviation

Cedar Falls

154.12

27.5

Waterloo

138.74

21.8

  • What is the 95% margin of error when estimating the meanappraised value of all single-family homes for Waterloo? _____
  • A 95% confidence interval for the difference in mean appraisedvalue of all single-family homes between Cedar Falls and Waterloois ___________________
  • A 99% confidence interval for the mean appraised value of allsingle-family homes for Cedar Falls is _______________

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