The probability that the mean of the above sample is $325,000 is 0.0079
The area of mathematics known as probability deals with numerical representations of the likelihood that an event will occur or that a statement is true. An event's probability is a number between 0 and 1, where, roughly speaking, 0 denotes the event's impossibility and 1 denotes certainty.
We know that, distribution of prices skewed to the right with mean $290000. Let this be x.
Random sample of 100 sales so considering 100 as y.
Standard deviation is $145000 let is be w.
SD for $145000 for 100 random sample data is
z = [tex]\frac{w}{\sqrt{y} } }[/tex] = [tex]\frac{145000}{\sqrt{100} }[/tex].
normalcdf(325000,infinity,290000,14500) = 0.0079.
The probability that the mean of the above sample is $325,000 is 0.0079.
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