Question

In 2011, the average amount of time to foreclose on a house in the u.s. was reported to be 438 days. assume that the standard deviation for this population is 126.5 days. a random sample of 50 homes that have completed the foreclosure process was selected. what is the probability that the sample average was less than 450 days?

Answer 1

For a sample of 50, the standard deviation of the sample mean will be 1/√50 of that of the population. A suitable calculator can tell you the probability of being below 450 is 74.9%.