Until the summer of 2006, the real estate market in Fresno, California, had been booming, with prices skyrocketing. Recently, a study showed the sales patterns in Fresno for single-family homes. One chart presented in the commission's report is reproduced here. It shows the number of homes sold by price range and number of days the home was on the market. Using the relative frequency approach to probability assessment, what is the probability that a house will be on the market more than 7 days?
A) 0.31
B) 0.099
C) 0.58
D) 0.48

Question

Until the summer of 2006, the real estate market in Fresno, California, had been booming, with prices skyrocketing. Recently, a study showed the sales patterns in Fresno for single-family homes. One chart presented in the commission's report is reproduced here. It shows the number of homes sold by price range and number of days the home was on the market.  Using the relative frequency approach to probability assessment, what is the probability that a house will be on the market more than 7 days?
A) 0.31 
B) 0.099 
C) 0.58 
D) 0.48

Quizplus · Accepted Answer

The Answer of Until the summer of 2006, the real estate market in Fresno, California, had been booming, with prices skyrocketing. Recently, a study showed the sales patterns in Fresno for single-family homes. One chart presented in the commission's report is reproduced here. It shows the number of homes sold by price range and number of days the home was on the market.  Using the relative frequency approach to probability assessment, what is the probability that a house will be on the market more than 7 days?
A) 0.31 
B) 0.099 
C) 0.58 
D) 0.48

Until the Summer of 2006, the Real Estate Market in Fresno