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A Sample of College Students Revealed Their Last Month Income

question 72

Multiple Choice

A sample of college students revealed their last month income as follows: $765,$680,$623,$980,$875,and $985.How many observations are below the median?


Definitions:

Variable Cost

A cost that varies with the level of output or sales, such as materials and labor costs.

Monthly Interest Rate

The percentage of interest charged on a monthly basis on loans or credited to deposit accounts.

Credit

A financial arrangement where a borrower receives something of value now and agrees to repay the lender at a later date, generally with interest.

Effective Annual Interest Rate

The interest rate on a loan or financial product restated from the nominal rate as an annual rate that takes into account compounding over a given period.

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