Mathematics: A real estate agent needs to estimate the average value of a residential property of a given size in a certain area. The real estate agent believes that the standard deviation of the property values is

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A real estate agent needs to estimate the average

whityelaine812

12.02.2022

Follows are the solution to this question:

Step-by-step explanation:

$95 \% \$ the confidence level for z:

$\alpha = 1 - 95 \% \\\\$

$= 1 - 0.95 \\\\ = 0.05$

$\to \frac{\alpha}{2} = \frac{0.05}{2} = 0.025\\\\\\to Z \ \frac{\alpha}{2} = Z_{0.025} = 1.96$

Calculating the Margin of error:

$E = Z\ \frac{\alpha}{2} \times ( \frac{\sigma}{\sqrt{n}})$

$= 1.96 \times ( \frac{5000}{\sqrt{\sqrt{100}}})\\\\= 980$

The population means estimate a 95 % confidence interval is:

$\to \bar{x} \frac{+}{-} E\\\\ = \$ 90000 \frac{+}{-} 980$

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