Q. The Kentucky Derby is held the first Saturday in May at Churchill Downs in Louisville, Kentucky. The race track is one and one-quarter miles. The following table show the winners since 1990, their margin of victory, the winning times, and the payoff on a $2 bet.
Year Winner Winning Margin
(lengths) Winning Time
(minutes) Payoff on a
$2 Win Bet
90 Unbridled 3.5 2.03333 10.80
91 Strike the Gold 1.75 2.05000 4.80
92 Lil E. Tee 1 2.05000 16.80
93 Sea Hero 2.5 2.04000 12.90
94 Go for Gin 2 2.06000 9.10
95 Thunder Gulch 2.25 2.02000 24.50
96 Grindstone Nose 2.01667 5.90
97 Silver Charm Nose 2.04000 4.00
98 Real Quiet .5 2.03667 8.40
99 Charismatic Neck 2.05333 31.30
00 Fusaichi Pegasus 1.5 2.02000 2.30
01 Monarchos 4.75 1.99950 10.50
02 War Emblem 4 2.01883 20.50
03 Funny Cide 1.75 2.01983 12.80
04 Smarty Jones 2.75 2.06767 4.10
05 Giacomo .5 2.04583 50.30
06 Barbaro 6.5 2.02267 6.10
07 Street Sense 2.25 2.03617 4.90
08 Big Brown 4.75 2.03033 6.80
09 Mine that Bird 6.75 2.04433 103.20
10 Super Saver 2.5 2.07417 18.00
11 Animal Kingdom 2.75 2.034 43.80
a. Determine the mean and median for the variables winning time and payoff on a $2 bet.
b. Determine the range and standard deviation of the variables winning time and payoff.
c. Refer to the variables winning margin. What is the level of measurement? What measure of location would be most appropriate?
Refer to the Real Estate data, which reports information of homes sold in the Goodyear, Arizona, area during the last year. Prepare a report on the selling prices of the homes. Be sure to answer the following questions in your report.
A. Around what values do the data tend to cluster? What is the mean selling price? What is the median selling price? Is one measure more representative of the typical selling prices than the others?
B. What is the range of selling prices? What is the standard deviation? About 95%of the selling prices are between what two values.