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A construction company in Naples, Florida, is struggling to sell condominiums. In order to attract buyers,...

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A construction company in Naples, Florida, is struggling to sellcondominiums. In order to attract buyers, the company has madenumerous price reductions and better financing offers. Althoughcondominiums were once listed for $300,000, the company believesthat it will be able to get an average sale price of $207,000. Letthe price of these condominiums in the next quarter be normallydistributed with a standard deviation of $13,000. Use Table 1.

a.

What is the probability that the condominium will sell at aprice (i) Below $182,000?, (ii) Above $228,000? (Round\"z\" value to 2 decimal places and final answer to 4decimal places.)

   Probability
  Below $182,000     
  Above $228,000     
b.

The company is also trying to sell an artist’s condo. Potentialbuyers will find the unusual features of this condo either pleasingor objectionable. The manager expects the average sale price ofthis condo to be the same as others at $207,000, but with a higherstandard deviation of $17,000. What is the probability that thiscondo will sell at a price (i) Below $182,000?, (ii) Above$228,000? (Round your answers to 4 decimalplaces.)

    Probability
  Below $182,000     
  Above $228,000     

Answer & Explanation Solved by verified expert
4.1 Ratings (791 Votes)
Solution Given that a mean 207000standard deviation 13000i Px 182000 Px 182000    See Answer
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