MATH201 - W7- Far from Average Assignment-ShannonHutson2
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School
Bryant and Stratton College, Buffalo *
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Course
201
Subject
Mathematics
Date
Apr 3, 2024
Type
xlsx
Pages
8
Uploaded by madisonmayfair
Far from A
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MATH201 Far from Averag
You've decided to take the leap and buy a home! Go t
State. Choose a minimum home price. Enter a maximum
minimum home price. Search for fifteen 'For Sale' home
belo
16
Calculate the value
Show your w
Mean for your dat
3,191,950/15=
Median for your d
Mode for your dat
Based on the numbers from
Range for your da
250,000-150,0
Mean for your dat
Median for your d
Mode for your dat
Range for your da
Mean for your dat
Median for your d
Mode for your dat
Range for your da
150,000, 155,000, 175,000, 190,000, 199,900, 205,
244,950, 248,800, Verify the statistics you computed above
Click on the video link for additional help: https://youtu.be/Da_RzJvdTmc
Now suppose you inherit a $1,000,000 home from a long
the mean, median, mode and range us
Review the sixteen home prices and determine if there
are, in at least 200 words, explain how they impact t
The $1,000,000 inherited home affects the data values by chan
$224,250. The mode still remains 230,000 and the range would
that is most affected by the inherited house this
In at least 150 words, explain which statistic (mean, m
center for the price of a hou
The median is generally the better data measure to use when c
market. The median is calculated by taking the middle value, th
are smaller. This is the better measure to use when there is th
housing market. A high-price home could pull up the average p
market, using the median value will allow In at least 150 words, describe the value of understandi
purchases such as land, cars, etc. Explain how thi
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Understanding mean, median, and mode can be essential wh
statistical measures provide insights into the distribution and
mean gives a general idea of the price range that can be expe
values. The median gives the middle value when the prices a
outliers and giving a more accurate representation of the midd
range of the market that is being looked at. Knowing these d
overpriced. It will strengthen your negotiating skills by offerin
insights into hi
Average!
Price
$ 199,900.00 $ 214,900.00 $ 150,000.00 $ 155,000.00 $ 225,000.00 $ 190,000.00 $ 175,000.00 $ 249,900.00 $ 248,800.00 $ 250,000.00 $ 244,950.00 $ 230,000.00 $ 230,000.00 $ 205,000.00 $ 223,500.00 ge Assignment Template
to Zillow.com or Realtor.com and enter your City and m home price that is no more than $100,000 over your es in your area. List the home prices in the blue cells ow.
1,000,000
es below by hand.
work below:
Answer:
= 212,796.67 212,796.67 223,500.00 m least to greatest: 230,000 230,000.00 000= 100,000 100,000.00 212,796.67 223,500.00 230,000.00 #NAME?
261,996.88 224,250.00 230,000.00 #NAME?
,000, 214,900, 223,500, 225,000, 230,000, 230,000, 249,900, 250,000 e using Microsoft Excel formulas
below.
g lost relative. Using this additional home, recalculate sing Microsoft Excel formulas
below.
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e are any unusual data values (like outliers). If there the mean, median, mode and range you calculated.
nging the mean by $40,900.76 and the median now becomes d be $850,000 instead of $100,000. The range is the data set s is because there is a wider varation acessed.
median, or mode) do you think is the best measure of use? Justify your answer. calculating the middle value of prices of typical homes in the he value for which half of the obserbations are larger and half he possibility of extreme values such as are possible in the price well above the prices of the more typical homes in the a better picture of the middle average.
ing mean, median and mode when making other large is information will make you a better negotiator.
hen making large purchaces such as cars, land, etc. These d trends of prices, helping to make informed decisions. The ected for a particular item, but can be skewed by high or low are arranged in ascending order. Making it less affected by dle price. The mode gives the most common price within the data sets can help you understand if a price is fair or way ng a better understanding of the price range and providing idden issues.