Use the Grouped Data Formulas to Find the Indicated Mean

question 76

Multiple Choice

Use the grouped data formulas to find the indicated mean or standard deviation.
-The salaries of a random sample of a company?s employees are summarized in the frequency distribution below. Approximate the sample mean. $$\begin{array} { r | c } \text { Salary (\$) } & \text { Employees } \\\hline 5,001 - 10,000 & 16 \\10,001 - 15,000 & 14 \\15,001 - 20,000 & 11 \\20,001 - 25,000 & 16 \\25,001 - 30,000 & 23\end{array}$$

• A)$18,500.50
• B)$17,500
• C)$20,350.55
• D)$16,650.45

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Definitions:

Inflation Rate

The increase in the average price levels of goods and services, resulting in reduced purchasing capacity.

Spot Rate

The ongoing market value at which an individual asset can be acquired or disposed of for immediate transfer.

Spot Exchange Rate

The present rate at which a currency is traded for instant delivery.

Exchange Rate

The price at which one currency can be exchanged for another, which can fluctuate based on supply and demand in the foreign exchange market.