Instruction 7.2 The Mean Selling Price of New Homes in a Country

question 54

Multiple Choice

Instruction 7.2
The mean selling price of new homes in a country town over a year was $115,000. The population standard deviation was $25,000. A random sample of 100 new home sales from this town was taken.
-Referring to Instruction 7.2,without doing the calculations,state in which of the following ranges the sample mean selling price is most likely to lie?

• A) $116,000 - $118,000
• B) $113,000 - $115,000
• C) $115,000 - $117,000
• D) $114,000 - $116,000

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Definitions:

Straight-Line Depreciation

A method of calculating the depreciation of an asset which assumes the asset will lose an equal amount of value each year over its useful life.