Data on the Amount of Money Made in a Year

question 92

Multiple Choice

Data on the amount of money made in a year by 1000 families in a small town were collected.
You want to know how much each family will get if the money made by all the 1000 families is
Pooled together and then evenly redistributed back to them.Which of the following would you
Compute?

• A) Arithmetic mean.
• B) Median.
• C) Interquartile Range.
• D) Coefficient of correlation.

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Definitions:

Future Value

The value of an investment or cash flow at a specified future date, calculated by applying expected rates of return or interest rates.

Market Rate

The prevailing price or interest rate at which goods, services, or securities are bought and sold in a competitive marketplace.

Per-Capita Consumption

The average consumption of goods or services per person within a specific population or area.

Population

The sum of individuals living in a specific region or nation.