Let House Prices in a Rich Community in Chicago Be

question 41

Short Answer

Let house prices in a rich community in Chicago be represented by Y= e^x where X is normally distributed. Suppose the mean house price is $1.8 million and the standard deviation is $0.4 million. What is the proportion of the houses that are worth more than $2.5 million?

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Definitions:

Unstructured Information

Data or information that lacks a predefined model or organization, making it difficult to process and analyze using traditional databases or methods.

Volume

In business and finance, it refers to the quantity of goods or services traded during a given time period. In the context of stock markets, it indicates the number of shares traded.

Velocity

The speed at which something moves in a specific direction, often used in the context of data to refer to the rate of data transfer or processing.

Variety

The range and diversity of products or services offered by a business or available in a market.