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Following is the five number summary of the hourly wages ($) for sales managers
displayed in question 1.
Suppose there had been an error and that the lowest hourly wage for sales managers was
$18.50 instead of $20.94. Indicate how this change would affect the following summary
statistics (increase, decrease, or stay about the same):
a. Mean
b. Median
c. Range
d. IQR
e. Standard deviation
Annual Interest Rate
The interest rate charged by lenders on loans or paid on deposits, standardized as an annual rate.
Rate of Inflation
The Rate of Inflation measures the percentage increase in the general price level of goods and services in an economy over a period of time.
Real Rate of Return
The annual percentage return realized on an investment, adjusted for changes in the price level due to inflation or other external effects.
Annual Interest Rate
The percentage of a sum of money charged for its use, calculated on an annual basis.
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