You want to buy a small house. The mean price a random sample of 49 houses adver

Question

You want to buy a small house. The mean price a random sample of 49 houses advertised in the local newspaper is = $150,000. Assume that the distribution of prices is normal with the standard deviation, = $7, 500.

(a) Find margin of error for 95% confidence interval.

So for A, I got 2100 as my value and this is the work I did: 1.960*(7500/squareroot49)

(b) Compute a 95% CI for the mean price of a small house available in this community. (type interval as two numbers in brackets [] seperated only by a comma). -(147,900, 152,100)

I added and subtracted 2100 from A to get the above answer. Can someone check my work to see if it's right? Thanks!

Explanation / Answer

What is shown as calcualtion is escatly correct.

The margin of error is 2100

and the inetrval is '147900,152100

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