5 The Village at Tradition is a neighborhood comprised of 38

5) The Village at Tradition is a neighborhood comprised of 386 homes. According to the website Zillow, the average market price and standard deviation of homes in this neighborhood are presented in the table to the right. Determine the standard error based on the random sample size of homes from this neighborhood presented below.

Market figures at Tradition

µ = 224,300$ =4,400$

Random sample from the neighborhood = 53 homes

Solution

The standard error is:

/n

=4400/53

=604.38