THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION

question 39

Essay

THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION:
The mean selling price of new homes in a city over a year was $120,000.The population standard deviation was $28,000.A random sample of 100 new home sales from this city was taken.
-What is the probability that the sample mean selling price was more than $116,000?

Recognize the principles behind scale precision and the hierarchy of measurement scales.

Comprehend central tendency measures and how to calculate them.

Determine the appropriate measure of central tendency based on data characteristics.

Understand the concept of bimodality in distributions.

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Definitions:

25-year Annuity

A financial product that provides a series of payments made at equal intervals over 25 years.

Compounded Semi-annually

A method of computing interest where the interest is calculated and added to the principal twice a year.

Periodic Interest Rate

The interest rate applied to a loan or investment over a specific period of time, less frequently than annually.

Compounded Monthly

The method of calculating interest where the accrued interest is added to the principal sum each month, leading to interest on interest the following month.