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:

Northwest Ordinance

A significant law passed in 1787 by the United States Congress to regulate the settlement of the Northwest Territory and laid the foundations for the creation of new states.

Territorial Governments

Administrative bodies established to govern territories that are not yet fully incorporated as states within a federal structure, such as the U.S.

Western Territories

Western Territories refers to the lands west of the Mississippi River that were acquired or explored by the United States during its westward expansion in the 19th century.

Mississippi River

A major North American river, one of the longest in the world, flowing south from northern Minnesota to the Gulf of Mexico, historically significant for transport and trade.