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. |
