9) A computer package was used to generate the following printout for estimating

Question

9) A computer package was used to generate the following printout for estimating the mean sale price of homes in a particular neighborhood. X = sale-price SAMPLE MEAN OF X 46,400 SAMPLE STANDARD DEV13,747 15 SAMPLE SIZE OF X- CONFIDENCE 90 UPPER LIMIT52,650.6 SAMPLE MEAN OF X = 46,400 LOWER LIMIT= 40149.4 Which of the following is a practical interpretation of the interval above? A) W ve are 90% confident that t he mean sale price of all homes in this neighborhood falls between B) 90% of the homes in this neighborhood have sale prices that fall between $40,149.40 and C) We are 90% confident that the true sale price of all homes in this neighborhood fall between D) All are correct practical interpretations of this interval. $40,149.40 and $52,650.60. $52,650.60. $40,149.40 and $52,650.60.

Explanation / Answer

B)90% of the homes in this neighborhood have sale prices that fall between $40,149.40 and $52,650.60

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