Question

the following data represent the exchange rates for currency a in terms of currency b for 14 months. complete parts a through e below.

0.67, 0.73, 0.91, 1.13, 1.44, 0.95, 0.77
0.59, 1.53, 0.59, 0.55, 0.85, 1.40, 0.90

a.) calculate the mean.
the mean is \\$
(round to three decimal places as needed.)

Explanation:

⚡ Using what you learned: comparing measures of center & spread

Step 1: Sum the data values

Add all \( 14 \) exchange rates together:

$$ \sum x = 0.67 + 0.73 + 0.91 + 1.13 + 1.44 + 0.95 + 0.77 + 0.59 + 1.53 + 0.59 + 0.55 + 0.85 + 1.40 + 0.90 $$

$$ \sum x = 13.01 $$

Step 2: Divide by the sample size

Divide the sum by the total number of observations (\( n = 14 \)):

$$ \bar{x} = \frac{13.01}{14} \approx 0.9292857... $$

Step 3: Round to three decimal places

$$ \bar{x} \approx 0.929 $$

Answer:

0.929