Question

Artie Fact wants to determine the total value of all of the houses in his city. So he goes to the taxAssessr's Office and looks up the value of 30 houses in the city. He finds that the averages of these houses is about $87,300 houses , with a standard deviation of $5,400. From the tax rolls he finds that there are 7468 within the city limits. So he concludes that the total value of the houses is about 652 million dollars. Is this a reasonable estimate? Use the Central Value Theorem to determine your answer. Explain!

Answer 1

a) Mean of the data
82+ 84 +83+ 82+ 83+ 81+ 85 +84+ 80+ 85+ 85+ 85 +87+ 83+ 82+ 83+ 84+ 83 +80 +81+ 83+ 85 +84 +80+ 79
Total= 2073
Number of items=25
=2073/25
Answer= 82.92
b) Standard Deviation of the data
82.92-82= (0.92) ^2=0.8464 82.92-80= (2.92) ^2=8.5264
82.92-84= (-1.08) ^2=1.1664 82.92-85= (-2.08) ^2=4.3264
82.92-83= (-0.08) ^2=0.0064
82.92-85= (-2.08) ^2=4.3264
82.92-82= (o.92) ^2=0.8464 82.92-85= (-2.08) ^2=4.3264
82.92-83= (-0.08) ^2=0.0064
82.92-87= (-4.08) ^2=16.6464
82.92-81= (1.92) ^2=3.6864 82.92-83= (-0.08) ^2=0.0064
82.92-85= (-2.08) ^2=4.3264 82.92-82= (0.92) ^2=0.8464
82.92-84= (-1.08) ^2=1.1664 82.92-83= (-0.08) ^2=0.0064
82.92-84= (-1.08) ^2=1.1664 82.92-83= (-0.08) ^2=0.0064
82.92-83= (-0.08) ^2=0.0064 82.92-85= (-2.08) ^2=4.3264
82.92-80= (2.92) ^2=8.5264 82.92-84= (-1.08) ^2=1.1664
82.92-81= (1.92) ^2=3.6864 82.92-80= (2.92) ^2=8.5264
82.92-79= (3.92) ^2=15.3664
Total=93.84
93.84/24=3.91
The square root of 3.91 is 1.97737

Answer 2

i think this will help u a lot