Chapter SR31, Problem 1P

Solution

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

Mean $=\$663.88$

Median $=\$675$

Mode $=\$650$

Range $=\$300$

Given:

Apartment rents: $\$650,\$800,\$700,\$525,\$675,\$750,\$500,\$650,\$725$ .

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:

Apartment rents: $\$650,\$800,\$700,\$525,\$675,\$750,\$500,\$650,\$725$

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

  $\begin{array}{l}=\frac{650+800+700+525+675+750+500+650+725}{9}\\ =\frac{5975}{9}\\ =663.88\end{array}$

Mean $=\$663.88$

Median $=middlevalueofyourdatasetwheninorderfromleasttogreatest$

Least to greatest order = $\$500,\$525,\$650,\$650,\$675,\$700,\$725,\$750,\$800$

Median $=\$675$

Mode $=datathatoccursmost$

Mode $=\$650$

Range $=Highestvalue-LowestValue$

  $\begin{array}{l}=\$800-\$500\\ =\$300\end{array}$

Range $=\$300$