Using the Lesson 3 Essay Excel Data File, provide a summary report for Valley Realty management including the following information in an essay with a minimum of 500 words:
If A is defined as the event that a home is listed for more than 91 days before being sold, estimate the probability of A.
If B is defined as the event that an initial asking price is under $175,000, estimate the probability of B.
What is the probability of AB?
Assuming that a contract with an initial asking price of less than $175,000 was just signed, what is the probability that it will take the company more than 91 days to sell?
Are events A and B independent? Explain.
Speculate how Valley Realty may use the results of this study to forecast the future timing of home sales and therefore, revenue from commissions on homes sold.