An investment company interested in purchasing a parcel of prime commercial real estate wants to describe the appraised value of the property. The company expects an appraisal of at least $500,000 but not more than $900,000. They believe that all values between $500,000 and $900,000 have the same likelihood of being the actual appraised value.
This uniform distribution has two parameters: the Minimum ($500,000) and the Maximum ($900,000), as in Figure 92, Uniform Distribution. All values between $500,000 and $900,000 are equally possible.
