MFP Research reported that average apartment rent in the U.S. is $1,083. A random sample of 39 apartments was selected. Using a population standard deviation of $227, what is the probability that the sample mean will be greater than $1,035?

Question

Quizplus · Accepted Answer

To find the probability that the sample mean will be greater than $1,035, we use the formula for the z-score: $z = \frac{\bar{x} - \mu}{\sigma/\sqrt{n}}$, where $\bar{x}$ is the sample mean, $\mu$ is the population mean, $\sigma$ is the population standard deviation, and $n$ is the sample size. Plugging in the values, we get $z = \frac{1035 - 1083}{227/\sqrt{39}}$. Calculating this gives a z-score, which we then look up in the standard normal distribution table or use a calculator to find the corresponding probability. The correct answer reflects the probability that the sample mean is greater than $1,035, considering the given population mean, standard deviation, and sample size.

MFP Research Reported That Average Apartment Rent in the U