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A company acquired mineral rights for $7,500,000.The mineral deposit is estimated at 600,000 tons and during the year 100,000 tons were extracted and sold.
Interquartile Range
A measure of variability, calculated as the difference between the third (75th percentile) and first quartile (25th percentile), that indicates the middle 50% of the data.
Midrange
The statistical measure calculated as the mean of the highest and lowest values in a data set, providing a simple estimation of the data’s central tendency.
Arithmetic Mean
The average of a set of numerical values, calculated by adding them together and then dividing by the number of values.
Largest Values
The highest numbers or quantities in a data set, often used in statistical analysis to determine the upper extremities.
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