Below are monthly rents paid by 30 students who live off campus. 590 590 590 790 560 450 550 890 600 480 580 520 420 600 510 520
710 775 460 480 620 550 570 365 590 660 680 700 580 630 Click here for the Excel Data File (a) Using Excel, find the mean, median, mode, and standard deviation. (Round your answers to 2 decimal places.) Descriptive Statistics Data Mean 587 Median 585 Mode 590 Standard Deviation 112.54 (b) Which measure or measures of central tendency are most appropriate for this data set
1 answer:
Answer:
(a) Mean = 587
Median = 585
Mode = 590
Standard deviation = 112.54
(b) Mean and median are both appropriate as they are close in value, suggesting that the data is quite symmetric.
Explanation:
All four measures are calculated by inserting simple formulas in Excel. These are shown in the below screenshot of the work file.
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<u>Answer:</u>
$593.26
<u>Step-by-step explanation:</u>
We know that the price of the laptop is $2500 and each year its resale value decreases by 25%. It means that 100 - 25 = 75% of the value is retained every year for the resale.
So, the resale value for 1st year = $1875
for 2nd year = $1406.25
for 3rd year = $1054.7
for 4th year = $791.01
for 5th year = $593.25
Or we can use the following formula to find its resale value after 5 years:
$593.26