Examples: Suppose that a variable has a mean of 70 and a standard deviation of 1.5. At least 75% of data values fall between 67 and 73 (2 standard deviations from the mean) What percent of the data values will fall within 3 standard deviations of the mean? Price of Homes: The mean price of houses in a certain neighborhood is $50,000, and the standard deviation is $10,000. Find the price range fro which at least 75% of the houses will sell. Travel Allowances: A survey of local companies found that the mean amount of travel allowance for couriers was $0.25 per mile. The standard deviation was $0.02. Using Chebyshev’s theorem, find the minimum percentage of the data values that will fall between $0.20 and $0.30. The Empirical (Normal) Rule:
Examples: Suppose that a variable has a mean of 70 and a standard deviation of 1.5. At least 75% of data values fall between 67 and 73 (2 standard deviations from the mean) What percent of the data values will fall within 3 standard deviations of the mean? Price of Homes: The mean price of houses in a certain neighborhood is $50,000, and the standard deviation is $10,000. Find the price range fro which at least 75% of the houses will sell. Travel Allowances: A survey of local companies found that the mean amount of travel allowance for couriers was $0.25 per mile. The standard deviation was $0.02. Using Chebyshev’s theorem, find the minimum percentage of the data values that will fall between $0.20 and $0.30. The Empirical (Normal) Rule: