Thread: statistics help

CREA puts the average price at which a house was sold in Canada in 2010 at $339,100. Let us assume that the standard deviation of the house prices is $134,216. Suppose you had done a survey of a random selection of 36 house sale prices in 2010 and obtained an average house price of $368,533

/SOLVED

Originally Posted by dumbledore

CREA puts the average price at which a house was sold in Canada in 2010 at $339,100. Let us assume that the standard deviation of the house prices is $134,216. Suppose you had done a survey of a random selection of 36 house sale prices in 2010 and obtained an average house price of $368,533
What is the chance that such a survey would have resulted in an average price this high or higher.

Can someone please help me on where to start with this problem.

How do you switch from to ?

Hint:

I get z=1.32. Is that the answer?

Originally Posted by dumbledore

I get z=1.32. Is that the answer?

It is not the "answer" to the problem, but it is the value in the Z-table that you will look up.

The answer is .

Also, for these types of problems, ask yourself if the answer makes sense. Use 68-95.5-99.7 as a guideline.