TABLE 7-2 The Mean Selling Price of New Homes in a City

question 77

Short Answer

TABLE 7-2
The mean selling price of new homes in a city over a year was $115,000. The population standard deviation was $25,000. A random sample of 100 new home sales from this city was taken.
-Referring to Table 7-2, what is the probability that the sample mean selling price was between $114,000 and $116,000?

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Definitions:

Common Stock

Equity securities representing ownership in a corporation, giving holders voting rights and a share in the company’s profits through dividends.

Trial Balance

An accounting report that lists the balances of all ledgers accounts to check the mathematical accuracy of the bookkeeping system.

Debit Balance

Refers to the excess of debits over credits in an account, indicating either an increase in assets or expenses or a decrease in liabilities, equity, or income.

Debits

Entries that are made on the left side of an account, representing an increase in assets or expense accounts or a decrease in liability, equity, or revenue accounts.