Using the unpaid balance method, find the current month's finance charge on a credit card account having the following transac
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The answer is 7.9306
Using the formula in the attached:
Where: xi = sample value; μ = sample mean; n = sample size
1.) Calculate the mean first:
μ = 12.0 + 18.3 + 29.6 + 14.3 + 27.8 / 5
= 102 / 5
μ = 20.4
2.) Using the mean, calculate (xi - μ)² for each value:
(12.0 - 20.4)² = 70.56
(18.3 - 20.4)² = 4.41
(29.6 - 20.4)² = 84.64
(14.3 - 20.4)² = 37.21
(27.8 - 20.4)² = 54.76
3.) Sum the squared differences and divide by n - 1.
μ = 70.56 + 4.41 + 84.64 + 37.21 + 54.76
= 251.58 / 5-1
μ = 62.895 (this is now called sample variance)
4.) Get the square root of the sample variance:
√62.895 = 7.9306
Using the formula in the attached:
Where: xi = sample value; μ = sample mean; n = sample size
1.) Calculate the mean first:
μ = 12.0 + 18.3 + 29.6 + 14.3 + 27.8 / 5
= 102 / 5
μ = 20.4
2.) Using the mean, calculate (xi - μ)² for each value:
(12.0 - 20.4)² = 70.56
(18.3 - 20.4)² = 4.41
(29.6 - 20.4)² = 84.64
(14.3 - 20.4)² = 37.21
(27.8 - 20.4)² = 54.76
3.) Sum the squared differences and divide by n - 1.
μ = 70.56 + 4.41 + 84.64 + 37.21 + 54.76
= 251.58 / 5-1
μ = 62.895 (this is now called sample variance)
4.) Get the square root of the sample variance:
√62.895 = 7.9306