Assume the average selling price for houses in a certain county is $308,000 with a standard deviation of $57, 000. Using Chebychev's Theorem, determine the range of prices that includes at least 91% of the homes around the mean.
Chebychev’s Theorem tells that how much percentage of your data values lies within certain no. of standard deviation of the mean.
Also there is a formula by which we can calculate at least percentage that lies of the mean
Now using the above formula we can calculate the how much standard deviation of the mean our 91% range lies.
After doing Calculation, We got that at least 91% of the houses lies within 3.334 standard deviation of the mean.
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