Use an Equation to Solve the Problem

question 8

Multiple Choice

Use an equation to solve the problem.
The average price of homes in one neighborhood decreased 8 % since last year, a drop of $5,800 . What was the average price of a home last year?

• A) $69,500
• B) $74,500
• C) $73,500
• D) $72,500
• E) $76,500

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Definitions:

Standard Deviation

A statistical measure that quantifies the amount of variation or dispersion of a set of data values around the mean.

Average Amount

A statistical measure that represents the central or typical value in a set of data, often the mean, median, or mode.

Standard Deviation Units

A measure of the amount of variation or dispersion of a set of values, indicating how much the individual values differ from the mean of the sample.

Normal Distribution

A normal distribution is a bell-shaped frequency distribution curve, where most of the occurrences take place around the central peak, and the probabilities of values further away from the mean taper off symmetrically.