Computation of a Mean (Or Average) Is Completely Justified When

question 8

Multiple Choice

Computation of a mean (or average) is completely justified when a variable is measured at which level?

• A) Interval-ratio
• B) Ordinal
• C) Nominal
• D) Discrete

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Definitions:

Compound Interest GIC

A guaranteed investment certificate where the interest is calculated on both the initial principal and the accumulated interest from previous periods.

Maturity Value

The sum paid to an investor at the conclusion of a predetermined investment period, encompassing both the original amount invested and the interest earned.

Compounded Monthly

The calculation of interest that adds the earned interest back to the principal sum each month, resulting in interest earnings on interest.

Population Growth

The increase in the number of individuals in a population, usually measured over a specific period and influenced by factors such as birth rates, death rates, and migration.