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Answer: Finding the Weighted Mean In Exercise, find the
Chapter 2, Problem 43E(choose chapter or problem)
Problem 43E
Finding the Weighted Mean In Exercise, find the weighted mean of the data.
Account Balance For the month of April, a checking account has a balance of $523 for 24 days, $2415 for 2 days, and $250 for 4 days. What is the account’s mean daily balance for April?
Questions & Answers
QUESTION:
Problem 43E
Finding the Weighted Mean In Exercise, find the weighted mean of the data.
Account Balance For the month of April, a checking account has a balance of $523 for 24 days, $2415 for 2 days, and $250 for 4 days. What is the account’s mean daily balance for April?
ANSWER:
Answer
Step 1 of 1
(a)
We are asked to find the weighted mean of the data.
For the month of April, a checking account has a balance of $523 for 24 days, $2415 for 2 days, and $250 for 4 days.
We are asked to find the account’s mean daily balance for April.
A weighted mean is the mean of a data set whose entries have varying weights.
The weighted mean is given by
where is the weight of each entry