Question

1. carla is a carpenter. she wants to purchase new high - quality tools for her business. she found the following prices for the exact same set of tools from various sellers: $6,700 $7,450 $8,000 $7,600 $7,450 $8,200 $7,210 a. what is the mean price? round your answer to the nearest cent.

Explanation:

Step1: Recall the mean formula

The mean $\bar{x}=\frac{\sum_{i = 1}^{n}x_{i}}{n}$, where $x_{i}$ are the data - points and $n$ is the number of data - points. Here, $n = 7$, and the data points are $x_1=6700$, $x_2 = 7450$, $x_3=8000$, $x_4 = 7600$, $x_5=7450$, $x_6=8200$, $x_7=7210$.

Step2: Calculate the sum of the data - points

$\sum_{i = 1}^{7}x_{i}=6700 + 7450+8000+7600+7450+8200+7210=52610$.

Step3: Calculate the mean

$\bar{x}=\frac{52610}{7}\approx7515.71$.

Answer:

$7515.71$