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Name: A regional bank issues different types of credit cards. As part of its
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Description: A regional bank issues different types of credit cards. As part of its annual review of the profitability of each type of credit card, the bank randomly samples 36 customers to measure the average quarterly charges per card. A random sample of 36 ac

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018

18th Edition

ISBN:9780079039897

Author:Carter

Publisher:Carter

Chapter10: Statistics

Section10.2: Representing Data

Problem 22PFA

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A regional bank issues different types of credit cards. As part of its annual review of the profitability of each type of credit card, the bank randomly samples 36 customers to measure the average quarterly charges per card. A random sample of 36 accounts from one type of credit card shows the accompanying spending per account (rounded to the nearest dollar).

Complete parts a through e below.

Data on Credit Card Spending:

Credit Card Spending
$2,373 $4,197 $3,711 $2,324 $2,782 $2,635
$2,628 $2,968 $2,954 $2,550 $2,401 $1,363
$1,797 $1,993 $2,539 $3,233 $2,855 $1,630

$2,169 $3,249 $3,428 $1,932 $3,067 $2,340
$2,991 $2,245 $3,496 $2,697 $2,983 $3,138
$1,600 $2,852 $2,739 $2,132 $2,885 $3,243

a. Based on these randomly sampled accounts, what is the best point estimate of the true mean quarterly spending for credit card account holders?

(Round to the nearest cent as needed.)

Definition Definition Measure of central tendency that is the average of a given data set. The mean value is evaluated as the quotient of the sum of all observations by the sample size. The mean, in contrast to a median, is affected by extreme values. Very large or very small values can distract the mean from the center of the data. Arithmetic mean: The most common type of mean is the arithmetic mean. It is evaluated using the formula: μ = 1 N ∑ i = 1 N x i Other types of means are the geometric mean, logarithmic mean, and harmonic mean. Geometric mean: The nth root of the product of n observations from a data set is defined as the geometric mean of the set: G = x 1 x 2 ... x n n Logarithmic mean: The difference of the natural logarithms of the two numbers, divided by the difference between the numbers is the logarithmic mean of the two numbers. The logarithmic mean is used particularly in heat transfer and mass transfer. ln x 2 − ln x 1 x 2 − x 1 Harmonic mean: The inverse of the arithmetic mean of the inverses of all the numbers in a data set is the harmonic mean of the data. 1 1 x 1 + 1 x 2 + ...

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