Reference no: EM132438193

Problem 1: A housing developer has conducted a study at a cold real estate market on the average price of a double-storey house that the buyers willing to pay. From the study, the price of a house is approximately normally distributed with an average of $246,300 and standard deviation of $15,000.

i. Find the probability that a potential buyer willing to pay more than $275,000 from the cold real estate market.

ii. Determine the price of a double-storey house at the cold real estate market which 75 percent of potential buyers willing to pay.

Problem 2: Suppose 1000 marathon tickets are sold at a price of RM5 each. During the marathon, the organizer has conducted a lucky draw among participants. Two tickets will be drawn with a prize worth RM200. Five tickets will be drawn at a prize valued at RM100 and another ten tickets valued at RM50. Let x be a random variable that denotes the net gain to the participants.

i. Construct the probability distribution table for x.

ii. Find the mean and standard deviation of the probability distribution of x.

Problem 3: Between what two X values (symmetrically distributed around the mean) are 80% of the values? given that MEAN =100 STANDARD DEVIATION = 10