Desperate! Need help on standard deviation..please =(

[meli82]

You know that houses in your school district sell for a mean of $350,000 with a standard deviation of $50,000. Assume they follow a normal distribution. You are looking for a new home in your school district, and want to spend between $280,000 and $340,000. What percentage of homes are within your budget?

 

[arthur ohlsten]

I can only set the problem up for you.

mean of normal=$350,000
standard deviation is $50,000

lower price is how many sigmas below mean?
[350,000-280,000]/50,000= 1.4 sigmas

upper price is how many sigmas below the mean?
[350,000-340,000]/50,000 = .2

what is the value of the area of the distribution from -1.4 sigma to -.2 sigma?
same as area from .2 sigma to 1.4 sigma.

your table will have the value.
Arthur

 

[meli82]

Thank you so much for your help!...I appreciate it immensely! =)...This does wonders