Please help - probability question

#1
I am a grad student who has to take this online course to complete my masters but am so lost and desperately need help on my homework. I truly don't understand what to do despite reading and re-reading the chapter and googling for help.

A construction company in Naples, Florida, is struggling to sell condominiums. In order to attract buyers, the company has made numerous price reductions and better financing offers. Although condominiums were once listed for $300,000, the company believes that it will be able to get an average sale price of $230,000. Let the price of these condominiums in the next quarter be normally distributed with a standard deviation of $18,000. Use Table 1.

a.
What is the probability that the condominium will sell at a price (i) Below $216,000?, (ii) Above $269,000? (Round "z" value to 2 decimal places and final answer to 4 decimal places.)

b.
The company is also trying to sell an artist’s condo. Potential buyers will find the unusual features of this condo either pleasing or objectionable. The manager expects the average sale price of this condo to be the same as others at $230,000, but with a higher standard deviation of $23,000. What is the probability that this condo will sell at a price (i) Below $216,000?, (ii) Above $269,000?
 

obh

Active Member
#2
Hi Elle,

The price of a single sell is a random variable
Since they write Z, they want you to assume this random variable distributes normally.

Now please try to solve with this normality assumption
 
#3
I
Hi Elle,

The price of a single sell is a random variable
Since they write Z, they want you to assume this random variable distributes normally.

Now please try to solve with this normality assumption
I don't know what any of that means and have been trying to figure it out for 2 days. I haven't taken any sort of math course for 6 years so I am completely lost.