A sample of 21 of 175 funded projects revealed that 14 were

A sample of 21 of 175 funded projects revealed that 14 were valued at $17,580 each and 7 were valued at $20,860 each. From the sample data, estimate the total value of the funding for all the projects. (Enter your answers to two decimal places.)

Solution

A sample of 21 of 175 funded projects revealed that 14 were valued at $17,580 each and 7 were valued at $20,860 each.

From this sample data we calculate sample average.

sample average = [(17580*14) + (20860*7)] / 21

= (246120 + 146020) / 21

= 392140 / 21

sample average = 18673.33

So now this sample mean makes you expect that one project costs on average 18673.33.

175 projects cost = 175 * 18673.33 = 3267833

Conclusion: around $ 3 millions.