Q4. A real estate agency wants to estimate the average selling price of houses in a suburb of Atlanta. It randomly samples 25 recent sales and calculates the average price ar{X} = $148,000 and the standard deviation S = $62,000. Assume that selling prices are normally distributed. Calculate a 95% confidence interval for the mean of all recent selling prices.
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From the t-distribution table, the critical value for a 95% confidence level and 24 degrees of freedom is approximately 2.064. Show moreā¦
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