Question

The amounts of money won by the top ten finishers in a recentDaytona 500 are listed below. Find the mean and median winnings,rounded to the nearest dollar. Which measure, the mean or themedian, best represents the data? Explain your reasoning.$2,194,246 $464,084 $164,096 $199,209 $438,834 $613,659 $142,884 $240,731 $145,809 $290,596

Answer 1

Answer:

a. mean=$489,414.80

median=$265,664

b. Meidan. Not affected by outlier values.

Step-by-step explanation:

#Mean is calculated using the the formula:

$\bar x=\frac{1}{n}\sum{x_i}\\\\=\frac{1}{10}\sum(2194246+464084+164096+199209+438834+613659+142884+240731+145809+290596)\\\\=489414.80$

Hence, the mean winning is $489,414.80

#Our data points are even.

-We first arrange the data points in increasing order.

-The median is calculated as the average of the two middlemost data points.

Hence, the median point is $265,664

The Median is the best measure of central limit theorem as it's not affected by extreme outlier values.

-We have one outlier value of $2,194,246 which shifted the mean from $299,989.11 to $489,414.80