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TABLE 7-3 The Mean Selling Price of New Homes in a Small

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TABLE 7-3
The mean selling price of new homes in a small town 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 7-3, what is the probability that the sample mean selling price was between $113,000 and $117,000?


Definitions:

Net Income

The ultimate earnings of a company after all deductions, including expenses and taxes, from revenue.

Dividends

Payments made by a corporation to its shareholder members, usually derived from the company's earnings.

Equity in Income

The share of income from investments in associates over which the investor has significant influence but does not control.

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