When You Have Interval or Ratio Data Such as Age

question 31

Multiple Choice

When you have interval or ratio data such as age in years) what is typically the best measure of central tendency to use?

• A) range
• B) mode
• C) median
• D) mean

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Definitions:

Interest Rate

The amount charged, expressed as a percentage, by a lender to a borrower for the use of assets over a specific period of time.

Investment

The allocation of resources, usually financial, in expectation of generating an income or profit in the future.

Money Supply

The overall financial resources quantity in an economy at a specified time.

Interest Rate

The percentage of a sum of money charged by a lender to a borrower for the use of money, typically expressed as an annual percentage.