Originally Posted by

**peanutbutter** I'm working through my review sheet before my final Friday and I have questions. I think I got the first right (check my work?) but the second I'm lost on

"Suppose housing prices observe a normal distribution. For the Pleasantville housing market, the average housing price is $225,000 and the standard deviation is $40100. What percent of houses in Pleasantville are more expensive than $300,000?"

Z= (X- pop mean) / st. dev.

Z= (300 ,000-225,000) / 40,100= 1.87

P(0<z<1.87)= 0.4692

0.5-0.4692= 0.0308.

So, 3.1% of houses in Pleasantville are more expensive than $300,000.

"Suppose that 3.5% of the houses in the area get a property tax exemption due to their low values. Find the value above which households are not qualified for the exemption?"

I don't even know how to begin this one, am I looking for the value above which the *lowest* 3.5% are? 0.50-0.035=0.465?