A Study of 800 Homeowners in a Certain Area Showed

question 150

Essay

A study of 800 homeowners in a certain area showed that the average value of the homes is $182,000 and the
standard deviation is $15,000. If 50 homes are for sale, find the probability that the mean value of these homes
is less than $185,000. Remember: check to see if the finite correction factor applies.

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Definitions:

Federal Laws

Laws enacted by the national government of a country that apply to the entire nation, superseding state and local laws where there is conflict.

Beneficiary

An individual or entity entitled to benefits or assets under a will, trust, insurance policy, or other legal instrument.

Insured

A person or entity covered by an insurance policy.

Insurance Agency

A business that sells, solicits, or negotiates insurance policies on behalf of insurers.