what would be the median and mode cost to this? 78Equestionld 38dlushed-falseBil

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what would be the median and mode cost to this?

78Equestionld 38dlushed-falseBild-47290358centerwincyes MTH 147 (ONLINE) FALL 2017 Homework: HOMEWORK 3, CHAPTER 3 Score: 1 of 3 pts 3 of 17 (4 complete) HW Score: 11.11%,41 3.1.13 Question He An insurance company crashed four cars of the same model at 5 miles per hour. The costs of repair for each of the four crashes were $404, $420, $458, and $220 . Compute the mean, median, and mode cost of repair. Compute the mean cost of repair. Select the correct choice below and, if necessary, fll in the answer box to complete your choice. A. The mean cost of repair is $ 375.5. (Round to the nearest cent as needed.) O B. The mean does not exist. Compute the median cost of repair. Select the correct choice below and, if necessary, ill in the answer box to complete your choice. A. The median cost of repair is S B. The median does not exist (Round to the nearest cent as needed) click to select and enter your answer(s) and then click Check Answer

Explanation / Answer

Median is that observation in the ordered data set above which 50% observations lie, and below which the rest 50% observations lie.

The observations are,

$404, $420, $458, $220

We now order the data set in ascending order

$220, $404, $420, $458

Here, we have 4 observations (even no.)

So, the median lies between the (4/2)th and (4/2+1)th observation in the sorted data

i.e, median = average of 2nd and 3rd observation in the ordered data

Therefore, median = $(404+420)/2 = $412

Mode is that value in the dataset that has occurred the maximum number of times. Here, all the 4 observations have occurred 1 times each, so each observation $404, $420, $458, $220 is the mode of the data set.

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