1. carla is a carpenter. she wants to purchase new high - quality tools for her business. she found the…
1. carla is a carpenter. she wants to purchase new high - quality tools for her business. she found the following prices for the exact same set of tools from various sellers: $6,700 $7,450 $8,000 $7,600 $7,450 $8,200 $7,210 a. what is the mean price? round your answer to the nearest cent. b. what is the median price? c. what is the mode price?
Answer
Explanation:
Step1: Calculate sum of prices
$6700 + 7450+8000 + 7600+7450+8200+7210=52610$
Step2: Calculate mean
The number of data - points $n = 7$. Mean $\bar{x}=\frac{52610}{7}\approx7515.71$
Step3: Arrange data in ascending order
$6700,7210,7450,7450,7600,8000,8200$
Step4: Find median
Since $n = 7$ (odd), the median is the $\left(\frac{n + 1}{2}\right)$-th value. $\frac{7+1}{2}=4$-th value, which is $7450$.
Step5: Find mode
The mode is the value that appears most frequently. Here, $7450$ appears twice and other values appear once, so the mode is $7450$.
Answer:
a. $$7515.71$ b. $$7450$ c. $$7450$