11 of 11 (11 complete) (x) 92.50 The folowing data represent the asking price of

Question

11 of 11 (11 complete) (x) 92.50 The folowing data represent the asking price of a simple random sample of homes for sale. Construct $209,900 a 99% confidence interval with and without the outlier included. Comment on the effect the outlier has on the confidence interval. $143.000 $459,900 $159,000 Click the icon to view the table of areas under the t-distribution. (a) Construct a 99% confidence interval with the outlier included. (Round to the nearest integer as needed.) Enter your answer in the edit fields and then click Check Answer 2 parts remaining To see what to study next, go to your Study Plan O Ask me anything SONY HW Score: 89.9%, 9.89 of 11 pts Question Help $279 $219,900 $205 800 $248,500 $187,500 $147,800 A 40 D 3/26/2017

Explanation / Answer

for std error =std deviation/(n)1/2 =24502.3

and for (n-1)=11 degree of freedom t=3.1058

hence confidence interval =mean -/+ t*std error =154326 ; 306524

for 459900 lies as outlier cause falls outside 2 std deviation from mean removing it

std error =14078.33

t=3.1693

hence confidence interval =mean -/+ t*std error =164946 ; 254182

X 209900 143000 459900 159000 279900 205800 248500 147800 219900 239000 187500 264900 mean 230425 std deviation 84878.45

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