Answered

IDNLearn.com makes it easy to get reliable answers from experts and enthusiasts alike. Discover in-depth answers to your questions from our community of experienced professionals.

Suppose there is a city where the mean cost per month of a one-bedroom apartment is $1,500, with a standard deviation of $250. Approximately what percentage of one-bedroom apartments in the city cost between $750 and $1,000?

Sagot :

Answer:

2.35%

Step-by-step explanation:

Firstly, we calculate the z-score of each

we have this as;

z-score = (x - mean)/SD

from the question, mean is $1,500 while standard deviation is $250

So for each;

z-score = (750-1500)/250 = -750/250 = -3

z-score = (1000-1500)/250 = -500/250 = -2

Simply put, we want to calculate the percentage of prices between three standard deviations below the mean and two standard deviations below the mean

We can calculate this by using the empirical rule chart;

By looking up the this, the percentage of values between 3 SD below the mean and 2 SD below the mean is 2.35%

We appreciate your contributions to this forum. Don't forget to check back for the latest answers. Keep asking, answering, and sharing useful information. IDNLearn.com provides the best answers to your questions. Thank you for visiting, and come back soon for more helpful information.