A Computer Package Was Used to Generate the Following Printout

question 101

Essay

A computer package was used to generate the following printout for estimating the mean sale price of homes in a particular neighborhood.

$\begin{array}{rl}X=&\text { saleprice }\\\\\text {SAMPLE MEAN OF X} =&46300 \\\text {SAMPLE STANDARD DEV } =&13747 \\ \text {SAMPLE SIZE OF X} =&25 \\\text {CONEIDENCE}=& 90 \\\\\text { UPPER LIMIT }= & 51003.90 \\\text { SAMPLE MEAN OF X }= & 46300 \\\text { LOWER LIMIT }= & 41596.10\end{array}$

A friend suggests that the mean sale price of homes in this neighborhood is $47,000. Comment on your friend's suggestion.

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Definitions:

Money

A medium of exchange, a unit of account, and a store of value, used to facilitate transactions.

Wealth

An abundance of valuable resources or valuable material possessions, often measured in terms of assets like money, real estate, and personal property.

Bank Holding Company

A corporation that owns banks.

Private Banks

Financial institutions that are owned by private individuals or corporations instead of being owned by the government, offering banking services to individuals and businesses.