1. For the month of January, a checking account had a balance of $658 for 21 days, $1,832 for 6 days, and $517 for 4 days. Calculate this account’s mean daily balance for January.
2. By cluster sampling, a researcher randomly found annual salaries of a block of residents in Sun City, USA. Below are the salaries rounded to the nearest $1000.
$47, $51, $48, $50, $250, $49, $46, $51.
(a) What is the mean yearly salary for this group of residents?
(b) If the researcher is paid by a newspaper to report the annual salary for residents in Sun City, USA, should the researcher report the mean or the median? Explain your reasoning.
(c) What is the median yearly salary for this group of residents?
3. For the problem in #2, answer the following questions.
(a) What is the standard deviation?
(b) Do you think the standard deviation accurately conveys the average spread of the data about the mean annual salary? Explain your reasoning.