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By Pwiddles (Pwiddles) on Wednesday, January 07, 2004 - 02:59 pm: Edit |

If you get any idea of an answer, I would really appreciate it. It's been bugging me (i am not too smart in math)

Ms. Surber owns a real estate business. Sale prices of homes in her area approximate a normal distribution, with a mean of $72,000 and a standard deviation of $7,600. A home that sells for $87,600 would rank:

1) below the 75th percentile

2)between the 75th and 85th percentiles

3) between the 85th and 95th percentiles

4) above the 95th percentile

You guys are so smart and I am hoping you can help me. I suck at this.

By Njboe (Njboe) on Wednesday, January 07, 2004 - 03:02 pm: Edit |

the formula is (x-mean)/standard deviation. When you do it, you will get a number. Look it up in the table with that number and see the perentile

By Whzup44412 (Whzup44412) on Wednesday, January 07, 2004 - 03:07 pm: Edit |

Wow, this is math analysis. Wouldn't it be answer (4). Don't know if this correct, but, from what I remember of standard deviation

+- 7,600 from mean = 67% of homes fall into this category

+- 2(7,600) from mean= 95% of homes fall into this category

+- 3(7,600) from mean= 99% of homes fall into this cateogry

By Pwiddles (Pwiddles) on Wednesday, January 07, 2004 - 03:46 pm: Edit |

Njboe-out of those choices what is your answer 1,2,3,or 4?

By Vsage3 (Vsage3) on Sunday, January 11, 2004 - 11:46 pm: Edit |

I'm tempted to rant but I will be nice: the answer is 4 because 2 standard deviations above 72000 is 87200 which is less than 87600. + 2 standard deviations from the mean is 95th percentile. Don't understand? look at a bell-curve

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