Suppose that prices of recently sold homes in one neighborhood have a mean of $225,000 with a standard deviation of $6700. Using Chebyshev's Theorem, what is the minimum percentage of recently sold homes with prices between $211,600 and $238,400

Respuesta :

Answer:

[tex] 211600 = 225000 -k*6700[/tex]

[tex] k = \frac{225000-211600}{6700}= 2[/tex]

[tex] 238400 = 225000 +k*6700[/tex]

[tex] k = \frac{238400-225000}{6700}= 2[/tex]

So then the % expected would be:

[tex] 1- \frac{1}{2^2}= 1- 0.25 =0.75[/tex]

So then the answer would be 75%

Step-by-step explanation:

For this case we have the following info given:

[tex] \mu = 225000[/tex] represent the true mean

[tex]\sigma =6700[/tex] represent the true deviation

And for this case we want to find the minimum percentage of sold homes between $211,600 and $238,400.

From the chebysev theorem we know that we have [tex]1 -\frac{1}{k^2}[/tex] % of values within [tex]\mu \pm k\sigma[/tex] if we use this formula and the limit given we have:

[tex] 211600 = 225000 -k*6700[/tex]

[tex] k = \frac{225000-211600}{6700}= 2[/tex]

[tex] 238400 = 225000 +k*6700[/tex]

[tex] k = \frac{238400-225000}{6700}= 2[/tex]

So then the % expected would be:

[tex] 1- \frac{1}{2^2}= 1- 0.25 =0.75[/tex]

So then the answer would be 75%