4
QuizMultiple Choice

Business Summary Statistics

Question 4 • FowU - Financial Math - B

Molly records the interest earned in her savings account in the last 5 months. What are the mean, median, and mode of the data set?Month 1Month 2Month 3Month 4Month 50.240.420.370.380.24

Answer
A
mean: 0.37, median: 0.33, mode: 0.24
B
mean: 0.24, median: 0.37, mode: 0.33
C
mean: 0.33, median: 0.37, mode: 0.24
D
mean: 0.33, median: 0.37, mode: 0.42

Explanation

Add the five amounts: 0.24 + 0.42 + 0.37 + 0.38 + 0.24 = 1.65, then divide by 5 to get a mean of 0.33. In order, the values are 0.24, 0.24, 0.37, 0.38, and 0.42, so the middle value is the median, 0.37. The value that appears most often is 0.24, making it the mode. Choice C gives these results.

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