3 The mean value of landacre from a sample of farms is 2400

3) The mean value of land/acre from a sample of farms is $2400 with a standard deviation of $450. Assume the distribution is bell-shaped.

Between what two values do 95% of the farm values lie?

What % of farms are valued less than $1500 (think about it!)?

m =2400

sd = 450

P(-z<Z<z) = 0.95

P(0<Z<z) = 0.95/2

P(0<Z<z) = 0.475

z = 1.96

values,

(m -1.96sd , m+1.96 sd)

(1518 , 3282)

P(x<1500) = P(z< (1500-2400)/450) = P(z<-2)

P(x<1500) = 0.0228