Hint: Remember that Z = (X-mean)/sigma and we have to solve for X. Given Z = 3.78, and given mean = $459,000 and sigma = $76,000, can you re-arrange for X?
I have the answer here and need explanation on coming to terms with it. The question,
5000 apartments sold in a certain area and the mean price is $459,000 and the standard deviation is $76000. A particular apartment has a z-score of 3.78. What did it sell for? – The formula to calculate z-score is (x -mean) / standard deviation. The answer that I have from the text book is $459,000+3.78*76,000=$746,280… but why?
I've been punching in the numbers into the calculator and do not get $746,280.
Any help is appreciated.