Suppose the following data show the prices of 4 cars with si
Suppose the following data show the prices of 4 cars with similar characteristics that sold at a recent auction (in thousands of dollars): 6.3, 9.2, 7.8, 12.4. Calculate the mean selling price of the sample. (please express your answer using 2 decimal places)
Solution
MEAN = SUM OF ALL THE OBSERVATION / TOTAL OBSERVATION
SUM = 6.3+9.2+7.8+12.4 = 35.7
MEAN = 35.7/4 = 8.925
