Elementary Statistics: A Step-by-Step Approach with Formula Card 9th Edition

Published by McGraw-Hill Education
ISBN 10: 0078136334
ISBN 13: 978-0-07813-633-7

Chapter 3 - Data Description - 3-2 Measures of Variation - Exercises 3-2 - Page 146: 37


$149300-343300$ dollars

Work Step by Step

Chebyshev’s theorem The proportion of values from a data set that will fall within k standard deviations of the mean will be at least $1−1/k^2$, where k is a number greater than 1 (k is not necessarily an integer). 37. Sale Price of Homes The average sale price of new one-family houses in the United States for 2003 was $246,300. Find the range of values in which at least 75% of the sale prices will lie if the standard deviation is $48,500. Let $1-1/k^2=0.75$ we have $k=2$ and $2\times48,500=97000$. The price range would be $149300-343300$ dollars
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