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  3. in one​ community, a random sample of 2727

In one​ community, a random sample of 2727 foreclosed homes sold for an average of ​$440 comma 396440,396 with...

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Verified Solution

Question

Statistics

In one​ community, a random sample of

2727

foreclosed homes sold for an average of

​$440 comma 396440,396

with a standard deviation of

​$196 comma 981196,981.

​a)

What assumptions and conditions must be checked before finding aconfidence interval for the​ mean? How would you check​ them?

​b)

Find a

9999​%

confidence interval for the mean value per home.

​c)

Interpret this interval and explain what

9999​%

confidence means.

​d)

Suppose​ nationally, the average foreclosed home sold for

​$389 comma 000389,000.

Do you think the average sale price in the sampled communitydiffers significantly from the national​ average? Explain.

Answer & Explanation Solved by verified expert
3.7 Ratings (595 Votes)
aThe assumption that must be checked areIndependence randomization and normality of dataAlso normality of data can be    See Answer
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