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Use the Grouped Data Formulas to Find the Indicated Mean

question 119

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Use the grouped data formulas to find the indicated mean or standard deviation.
-The manager of a bank recorded the amount of time a random sample of customers spent waiting in line during peak business hours one Monday. The frequency distribution below summarizes the results.
Approximate the sample mean. Round your answer to one decimal place.
714  Waiting time  (minutes)   Number of  customers 031247148111312156161982023224271\begin{array} { c | c } \begin{array} { c } \text { Waiting time } \\\text { (minutes) }\end{array} & \begin{array} { c } \text { Number of } \\\text { customers }\end{array} \\\hline 0 - 3 & 12 \\4 - 7 & 14 \\8 - 11 & 13 \\12 - 15 & 6 \\16 - 19 & 8 \\20 - 23 & 2 \\24 - 27 & 1\end{array} 312


Definitions:

Private Branding

A marketing strategy where products are manufactured by one company but branded and sold under another company's brand.

Mixed Branding

A marketing strategy where a company markets products under its brand name alongside those of other brands, potentially appealing to diverse customer segments.

Subbranding

The strategy of creating a secondary brand within the main brand to cater to a different segment or market needs without sacrificing the parent brand's identity.

Multibranding

A marketing strategy in which a company offers multiple brands within the same product category, each with a unique identity to target different market segments.

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