Pregunta
QUESTION 3 The following data show the interest rates on 4 randomly chosen personal loans (in percents): 6.0, 10.7,9.8, 13.2. Calculate the mean interest rate of the sample. (please express your answer using 2 decimal places)
Ask by Boone Parsons. in the United States
Jan 24,2025
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The mean interest rate is 9.93%.
Solución
To calculate the mean interest rate of the sample, follow these steps:
1. **Sum the interest rates:**
\[
6.0\% + 10.7\% + 9.8\% + 13.2\% = 39.7\%
\]
2. **Divide the total by the number of loans to find the mean:**
\[
\text{Mean} = \frac{39.7\%}{4} = 9.925\%
\]
3. **Round to two decimal places:**
\[
\text{Mean} = 9.93\%
\]
**Answer:** The mean interest rate of the sample is **9.93%**.
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Simplifique esta solución Mind Expander
To calculate the mean interest rate, you'll first want to add together all the interest rates: 6.0 + 10.7 + 9.8 + 13.2 = 39.7. Next, divide this sum by the total number of loans, which is 4. So, 39.7 / 4 = 9.925. Finally, rounding this to two decimal places, the mean interest rate of the sample is 9.93%. Remember, the mean is just a numerical average, but it can give you a good idea of what to expect when looking at similar loans! Think of it as the "typical" interest that these loans carry!
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