Question

Because of uncertainty in real estate markets, many homeowners are considering remodeling and constructing additions rather than selling. Probably the most expensive room in the house to remodel is the kitchen, with an average cost of around $23, 400. In terms of resale value, is remodeling the kitchen worth the cost? Below are cost and resale figures published by Remodeling magazine for 11 cities. Use these data to construct a 90% confidence interval for the difference between cost and added resale value of kitchen remodeling. City Cost Resale Atlanta $20,427 $25,163 Boston 27,255 24,625 Des Moines 22,115 12,600 Kansas City, MO 23,256 24,588 Louisville 21,887 19,267 Newark, NJ 22,786 20,150 Raleigh-Durham 19,852 22,500 Reno 23,624 18,667 Ridgewood, NJ 25,885 26,875 San Francisco 28,999 35,333 Tulsa 20,836 16,292

          Because of uncertainty in real estate markets, many homeowners are considering remodeling and constructing additions rather than selling. Probably the most expensive room in the house to remodel is the kitchen, with an average cost of around $23, 400. In terms of resale value, is remodeling the kitchen worth the cost? Below are cost and resale figures published by Remodeling magazine for 11 cities. Use these data to construct a 90% confidence interval for the difference between cost and added resale value of kitchen remodeling.

City Cost Resale
Atlanta $20,427 $25,163
Boston 27,255 24,625
Des Moines 22,115 12,600
Kansas City, MO 23,256 24,588
Louisville 21,887 19,267
Newark, NJ 22,786 20,150
Raleigh-Durham 19,852 22,500
Reno 23,624 18,667
Ridgewood, NJ 25,885 26,875
San Francisco 28,999 35,333
Tulsa 20,836 16,292

Because of uncertainty in real estate markets, many homeowners are considering remodeling and constructing additions rather than selling. Probably the most expensive room in the house to remodel is the kitchen, with an average cost of around 23, 400. In terms of resale value, is remodeling the kitchen worth the cost? Below are cost and resale figures published by Remodeling magazine for 11 cities. Use these data to construct a 90% confidence interval for the difference between cost and added resale value of kitchen remodeling.

City Cost Resale
Atlanta20,427 25,163
Boston 27,255 24,625
Des Moines 22,115 12,600
Kansas City, MO 23,256 24,588
Louisville 21,887 19,267
Newark, NJ 22,786 20,150
Raleigh-Durham 19,852 22,500
Reno 23,624 18,667
Ridgewood, NJ 25,885 26,875
San Francisco 28,999 35,333
Tulsa 20,836 16,292

Added by Sean M.

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