Question

A realty company has sold N= 339 homes in the last year. The five-number summary for

the sale prices is Min = $96,000, Q₁ = $100,000, M = $141,000, Q3 = $153,000, and
Max = $248,000.
(a) Find the interquartile range of the home sale prices.
(b) How many homes sold for a price between $100,000 and $153,000 (inclusive)?

(a) The interquartile range of the home sale prices is $_?

Answer 1

The interquartile range of the home sale prices is $53,000. The number of homes sold for a price between $100,000 and $153,000 (inclusive) is 339 homes.

Step-by-step explanation:

(a) IQR: The interquartile range of the home sale prices can be found by subtracting the first quartile (Q1) from the third quartile (Q3).

IQR = Q3 - Q1

IQR = $153,000 - $100,000

IQR = $53,000

(b) Number of homes sold: To find the number of homes sold for a price between $100,000 and $153,000 (inclusive), we need to count the homes with sale prices greater than or equal to $100,000 and less than or equal to $153,000.

Since the first quartile (Q1) is $100,000 and the third quartile (Q3) is $153,000, all the values between these two prices are included in the count.

Therefore, the number of homes sold for a price between $100,000 and $153,000 (inclusive) is 339 - 0 = 339 homes.