AnswersFowU - Financial Math - BBusiness Summary StatisticsQuestion 7
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Business Summary Statistics

Question 7 • FowU - Financial Math - B

Terry has been a returning contestant on a game show for the last seven weeks. In a contestant's first seven appearances on the show they have a chance to answer one question and win anywhere between $200-$900. On their eighth appearance they get a chance to answer a question worth $10,000. Given Terry's winnings in the following table, describe what would happen to the mean and median of the data set if she were to get the Week 8 question right.Week 1Week 2Week 3Week 4Week 5Week 6Week 7$767$477$340$680$464$207$635

Answer
A
The mean increases by $1,696.30, the median increases by $556.
B
The mean increases by $1,696.30, the median increases by $79.
C
The mean increases by $1,186.25, the median increases by $79.
D
The mean increases by $1,186.25, the median increases by $556.

Explanation

The seven winnings total $3,570, so their mean is $3,570 ÷ 7 = $510. After adding a $10,000 win, the mean is $13,570 ÷ 8 = $1,696.25, an increase of $1,186.25. The original median is $477; with $10,000 added, the middle two values are $477 and $635, so the new median is $556—an increase of $79. This matches choice C.

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