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A sample of 120 homes sold recently in a big city gave the mean price of homes equal to $270,000 and the standard deviation equal to $70,000.

(a) What is the point estimate of the mean price of all homes in the big city?
(b) Construct a 99% confidence interval for the mean price of all homes in the big city.
(c) describe the advantage of the confidence interval over the point estimate.

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Statistics and Probability, Statistics

Category:- Statistics and Probability
Reference No.:- M994410

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