Accounting Assignment
Florida Sunshine Real Estate Properties, Inc. is a real estate firm located in southwest Florida. The company, which advertises itself as "expert in the real estate market", monitors condominium sales by collecting data on location, list price, sale price, and number of days it takes to sell each unit. Each condominium is classified as Gulf View if it is located directly on the Gulf of Mexico or No Gulf View if it is located on the bay or a golf course, near but not on the Gulf. Sample data from the Multiple Listing Service in Naples, Florida provided recent sales data for 40 Gulf View condominiums and 18 No Gulf View condominiums. Prices are in thousands of dollars. The data are shown in the attached file.
Managerial Report
1. Use appropriate descriptive statistics to summarize each of the three variables for the 40 Gulf View condominiums, and each of the three variables for the 18 No Gulf View condominiums.
2. Compare your summary results. Discuss any specific statistical results that would help a real estate agent understand the condominium market.
3. Develop 95% confidence interval estimates of the population mean sales price and population mean number of days to sell for both Gulf View and No Gulf View condominiums. Interpret your results.
4. Assume the branch manager requested estimates of the mean selling price of Gulf View condominiums with a margin of error of $40,000 and the mean selling price of No Gulf View condominiums with a margin of error of $15,000. Using 95% confidence, how should the sample sizes be?
5. Florida Sunshine Estate properties just signed contracts for two new listings: a Gulf View condominium with a list price of $589,000, and No Gulf View condominiums with a list price of $285,000. What is your estimate of the final selling price and number of days required to sell each of these units?
Use Microsoft Word to write a managerial report with your name shown on the first page. In this report you should present all Excel outputs (paste them) together with your written descriptions. (Do not attach any separate Excel files!)