Sampling and Sampling Distributions

The average cost of a studio condominium in the Cedar Lakes development is $62,000 and the standard deviation is $4,200.

1. What is the probability that a condominium in this development will cost at least $65,000?
2. Is the probability that the average cost of a sample of two condominiums will be at least $65,000 greater or less than the probability of one condominium’s costing that much? By how much?

Solution