High-rent district: The mean monthly rent for a one-bedroom apartment without a doorman in Manhattan is $2663. Assume the standard deviation is $506. A real estate firm samples 106 apartments. Use the TI-84 Plus calculator.
(a) What is the probability that the sample mean rent is greater than $2733? Round the answer to at least four decimal places.
(b) What is the probability that the sample mean rent is between $2500 and $2575? Round the answer to at least four decimal places
(c) Find the 90th percentile of the sample mean. Round the answer to at least two decimal place.
(d) Would it be unusual if the sample mean were greater than $2690? Round answer to at least four decimal places.
(Yes or No), because the probability that the sample mean is greater than $2690
is_______.
.
(e) Do you think it would be unusual for an individual to have a rent greater than $2690? Explain. Assume the variable is normally distributed. Round the answer to at least four decimal places.
(Yes or No) because the probability that an apartment has a rent greater than $2690 is________.