The number of hours worked per week for a sample of ten students is shown below.
a.Determine the median and explain its meaning.
b.Compute the 70th percentile and explain its meaning.
c.What is the mode of the above data? What does it signify?
Definitions:
Exact Simple Interest
Interest calculated precisely based on the principal amount, rate of interest, and time, without considering the effects of compounding.
365-Day Year
A term referring to the normal count of days in a calendar year, not including leap years which have 366 days.
Quarterly Payroll
The total amount of wages paid by a business to its employees in a three-month period.
Ordinary Simple Interest
A method of calculating the interest charge on a loan based on the principal amount, interest rate, and time.
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