A sample of 11 individuals shows the following monthly incomes.
a.What would be a representative measure of central location for the above data? Explain.
b.Determine the mode.
c.Determine the median.
d.Determine the 60th percentile.
e.Drop the income of individual number 11 and compute the standard deviation for the first 10 individuals.
Definitions:
Interest Rate
The percentage of a sum of money charged for its use, which can vary based on factors such as inflation, supply and demand of credit, and governmental policy.
Annual
Relating to a period of one calendar year, used to measure or describe events, reports, or statistics that occur or are accumulated yearly.
Bank Account
An account held at a financial institution that allows for the deposit and withdrawal of money.
Annual Withdrawals
The amount of money that an individual withdraws from an investment or savings account each year.
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