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
0.50, 1.53, 0.59, 0.55, 0.85, 1.40, 0.90

a.) calculate the mean.
the mean is \\$0.926
(round to three decimal places as needed.)

b.) calculate the median.
the median is \\$0.88
(round to the nearest cent as needed.)

c.) determine the mode. select the correct choice below and, if necessary, fill in the answer box to complete your choice.

a. the mode(s) is/are \\$
(type an integer or a decimal. use a comma to separate answers as needed.)
b. there is no mode for this data set.

Explanation:

🆕 New Concept Discovered: Mode of a Data Set
The value that appears most frequently

Step 1: List the data set

To find the mode, we first list all 14 data points from the image:

$$ 0.67, 0.73, 0.91, 1.13, 1.44, 0.95, 0.77, 0.50, 1.53, 0.59, 0.55, 0.85, 1.40, 0.90 $$

Step 2: Count the frequency of each value

Next, we count how many times each number appears in the data set:

• \(0.50\): 1 time
• \(0.55\): 1 time
• \(0.59\): 1 time
• \(0.67\): 1 time
• \(0.73\): 1 time
• \(0.77\): 1 time
• \(0.85\): 1 time
• \(0.90\): 1 time
• \(0.91\): 1 time
• \(0.95\): 1 time
• \(1.13\): 1 time
• \(1.40\): 1 time
• \(1.44\): 1 time
• \(1.53\): 1 time

Step 3: Determine the mode

The mode is the value that occurs most frequently in a data set. Since every single value in this data set appears exactly once, no value occurs more frequently than the others. Therefore, there is no mode.

Answer:

B. There is no mode for this data set.