Approximate the Mean of the Frequency Distribution A)18
B)17
C)16
D)19
E)38

question 22

Multiple Choice

Approximate the mean of the frequency distribution.
- $$\begin{array} { c | c } \text { Phone calls (per day) } & \text { Frequency } \\\hline 8 - 11 & 37 \\12 - 15 & 49 \\16 - 19 & 17 \\20 - 23 & 46 \\24 - 27 & 39\end{array}$$

• A)18
• B)17
• C)16
• D)19
• E)38

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Definitions:

Markup on Selling Price

The amount added to the cost price of goods to cover overhead and profit, calculated as a percentage of the selling price.

Selling Price

The amount at which something is sold, determining how much a buyer pays and a seller receives.

Markup on Cost

A pricing method where a preset percentage is added to the cost of a product to determine its selling price, often to cover overhead and profit margins.

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