Question

The National Association of Realtors estimates that 23% of all homes purchased in 2004 were consideredinvestment properties. If a sample of 800 homes sold in 2004 is obtained what is the probability that between175 and 200 homes are going to be used as investment property

Answer 1

0.9099

Explanation:

1) =

=

200

800

= .25

2) Identify = . = .23

3) Find the z-value.

=

−

(1−)

=

.25−.23

.23(1−.23)

800

= 1.34

4) The probability is 0.9099.