The Mean of Forty Sales Receipts Is $69

question 47

True/False

The mean of forty sales receipts is $69.75 and the standard deviation is $10.25. Using Tchebysheff's Theorem, at least 75% of the sales receipts were between $49.25 and $90.25.

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Definitions:

Interest

Interest is the charge for borrowing money or the compensation paid to depositors, calculated as a percentage of the principal amount.

Compounded Monthly

A method of calculating interest in which the accrued interest is added to the principal at the end of each month, leading to interest on interest in subsequent months.

Mortgage

A loan provided by a lender or a bank that enables an individual to purchase a home or real estate, using the property itself as collateral.

Retirement Savings

Retirement savings are funds that individuals set aside during their working years to support themselves financially during retirement, often utilizing accounts like 401(k)s or IRAs.