Financial Algebra © Cengage/South-Western Slide 1 5-2 BUY OR SELL A CAR Compute mean, median, mode, range, quartiles, and interquartile range. OBJECTIVES.

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Presentation transcript:

Financial Algebra © Cengage/South-Western Slide BUY OR SELL A CAR Compute mean, median, mode, range, quartiles, and interquartile range. OBJECTIVES

Financial Algebra © Cengage Learning/South-Western Slide 2 statistics data measures of central tendency mean arithmetic average outlier median ascending order descending order skew resistant range quartiles lower quartile (Q 1 ) median (Q 2 ) upper quartile (Q 3 ) maximum value (Q 4 ) subscripts interquartile range (IQR) mode bimodal Key Terms

Financial Algebra © Cengage Learning/South-Western Slide 3 Example 1 Maxine wants to sell her Ford SUV. She compiles these prices from the Internet for cars similar to hers: $7,500, $6,500, $5,750, $4,900, $6,250, and $4,200. What is a reasonable price for Maxine to consider for her SUV?

Financial Algebra © Cengage Learning/South-Western Slide 4 Example 2 Dory is looking for a classic 1967 Firebird. She finds these prices on the Internet: $18,000, $77,000, $22,000, $21,200, $19,000, $17,500, and $22,500. She computes the mean as $28, This number doesn ’t seem to be a good representative of the data. How can she find a better representation?

Financial Algebra © Cengage Learning/South-Western Slide 5 EXAMPLE 3 Find the median of the following used car prices: $10,200, $9,300, $11,900, $2,999, $17,200, and $9,600.

Financial Algebra © Cengage Learning/South-Western Slide 6 EXAMPLE 4 Prices found online for the same GPS navigation system are $295, $345, $199, $225, and $200. Find the range of the GPS prices.

Financial Algebra © Cengage Learning/South-Western Slide 7 EXAMPLE 5 Find the quartiles for the tire pressures of cars at an auto clinic. 15, 17, 21, 25, 31, 32, 32, 32, 34 Tire pressure is measured in psi—pounds per square inch.

Financial Algebra © Cengage Learning/South-Western Slide 8 Example 6 What is the difference between Q 1 and Q 3 from the data set in Example 5?

Financial Algebra © Cengage Learning/South-Western Slide 9 Example 7 Find the outliers for these tire prices: $45, $88, $109, $129, $146, $189, $202, $218, and $545

Financial Algebra © Cengage Learning/South-Western Slide 10 Example 8 Each year, the 880 seniors in North Shore High School vote for one of the 110 teachers to receive the annual yearbook dedication. The teacher who receives the most votes wins. Can a teacher who receives 9 votes win, if every senior votes?