Discuss the below:
Q: A five-year old study claims that selling prices of new homes / condominiums in the New York area have a normal distribution with mean = $180,000 and standard deviation = $40,000.
a. Assuming that the results of the study are still valid, what is the probability that a randomly selected new house in the New York area will cost more than $210,000?
b. A new couple decides to settle in this area. They are willing to pay between $160,000 and $190,000 for a new home. What is the probability that they will find a new house to purchase in the New York area that satisfies their price range?
c. What is price below which the 10% of the lowest priced new homes in the New York area are sold?