Question

Asked Feb 11, 2019

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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.

Step 1

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

Step 2

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.

Step 3

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