A Survey of 254 Randomly Chosen Residences in a City

question 32

Short Answer

A survey of 254 randomly chosen residences in a city revealed that 4 had four flat screen television sets, 22 had three sets, 83 had two sets, 140 had one set, and 5 had no flat screen TV set at all. Based on the survey, what would you estimate to be the average number of flat screen TV sets per household?

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Definitions:

Compounded Annually

Refers to the process of calculating interest on both the initial principal and the accumulated interest from previous periods on an annual basis.

Lump Sum Payment

A single payment made at a particular time, as opposed to several smaller payments or installments.

Compounded Annually

A method of calculating interest where the interest earned over a period is added to the principal, and the total becomes the base for the calculation of the next period's interest.

Lump Sum Payment

A payment made in a single lump sum amount, often used in the context of paying off debts or settling transactions.