Question

According to the Insurance Institute of America, a family of four spends between $400 and $3,800 per year on all types of insurance. Suppose the money spent is uniformly distributed between these amounts. What is the mean amount spent on insurance

Answer 1

Answer:

Explanation:

Mean can simply be define as the average of a set of numbers.

$400 and $3,800 per year is spends on all types of insurance.

A= 400

B= $3,800

Using the formula:

u = a+b/2

=$400 +$3,800/ 2

=$4,200 /2

=$2,100

Therefore the mean amount spent on the insurance is $2,100