The Company Financial Officer Was Interested in the Average Cost

question 100

Multiple Choice

The company financial officer was interested in the average cost of PCs that had been purchased in the past six months.A random sample of the price of 10 computers was taken with the following results;$3,250,$1,127,$2,995,$3,250,$3,445,$3,449,$1,482,$6,120,$3,009,$4,000 What is the 10^th percentile?

• A)$1,446.5
• B)$2,617
• C)$3,415.75
• D)$3,587
• E)$4,212

---

Definitions:

Intuitive

Characterized by the ability to understand or know something immediately based on instinctive feelings rather than conscious reasoning.

Thinking

The process of considering or reasoning about something.

Decision Trap

A situation in decision-making where biases, poor information, or pressure leads to a significant or systematic error.

Framing Error

A cognitive bias in decision-making that occurs when information is presented in a way that influences an individual's interpretation or decision.