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What price of house will the family need to purchase

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Reference no: EM132983629

Question - A family is considering a move from Madison, WI to Fairfax, Virginia. The distribution of housing costs where the family currently lives follows normal distribution, with mean $105,000 and standard deviation $18,200. Suppose the housing cost in Fairfax also has normal distribution with mean of $235,000 and standard deviation $30,400. The family's current home has a value of $110,000. What percentage of houses in Madison, WI costs less than the family's current house? What price of house will the family need to purchase to be in the same percentile of housing costs in Fairfax, VA as they are currently in Madison, WI? Show all the excel functions to get any credit.

Reference no: EM132983629

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