Chapter SR31, Problem 4P

Solution

Find the mean, median, mode(s), and range of the data.

Mean $=\$13.89$

Median $=\$13.49$

Mode $=\$12.98$

Range $=\$5$

Given:

Price of a CD: $\$12.98,\$14.99,\$13.49,\$12.98,\$13.89,\$16.98,\$11.98$

Concept used:

• Mean is the sum of the values divided by the number of values.
• Median is the middle value of your data set when in order from least to greatest.
• The mode is the number that occurred the most often.
• The range is the difference between the highest and lowest values

Calculation:

Price of a CD: $\$12.98,\$14.99,\$13.49,\$12.98,\$13.89,\$16.98,\$11.98$

Mean $=\frac{sumofallvalues}{no.ofvalues}$

  $\begin{array}{l}=\frac{12.98+14.99+13.49+12.98+13.89+16.98+11.98}{7}\\ =\frac{97.29}{7}\\ =13.89\end{array}$

Mean $=\$13.89$

Median $=middlevalueofyourdatasetwheninorderfromleasttogreatest$

Least to greatest order = $\$11.98,\$12.98,\$12.98\$,\$13.49,\$13.89,14.99,\$16.98,$

Median $=\$13.49$

Mode $=datathatoccursmost$

Mode $=\$12.98$

Range $=Highestvalue-LowestValue$

  $\begin{array}{l}=16.98-11.98\\ =5\end{array}$

Range $=\$5$