A Random Sample of 60 Students in the Business Statistics

question 131

Essay

A random sample of 60 students in the business statistics course answered a survey on the average number of hours they spent on statistics each week.Unfortunately,the original data were lost and all that remains is the frequency table below.From these data,calculate the estimated sample mean.
$\begin{array} { c c r } \text { Class } & \text { Hrs } & \mathrm { N } \\1 & 0 - 3 & 18 \\2 & 4 - 7 & 16 \\3 & 8 - 11 & 14 \\4 & 12 - 15 & 10 \\5 & 16 - 19 & 2\end{array}$

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Definitions:

All Firms

A term that encompasses all business enterprises, regardless of size, industry, or structure, operating within an economy.

Small Business Administration

A U.S. governmental agency that provides support to entrepreneurs and small businesses through loans, grants, and counseling.

Conventional Commercial Financing

Traditional forms of business funding provided by banks and financial institutions, including loans and lines of credit.

Financial Service Provider

A business or individual that offers money management services including investment, loan, deposit, and transfer services.