Question

Your business has conducted three market research surveys in the past year. The cost per survey is as follows: Survey 1: $1,250, Survey 2: $925, Survey 3: $1,075. What is the average cost of the market research surveys?

Answer 1

$1,083

In order to find the average, you have to add the cost of each of the surveys together and then divide that number by three, because that's how many surveys they are. 

1,250 + 925 + 1,075 = 3,250
3,250 divided by 3 = 1,083

Therefore, the average cost of $1,083