I don’t know how to handle this Management question and need guidance.
Use the table above to answer the following questions. Show ALL of your work for full
credit.
Amount of money (in dollars) spent last month on various expenses.
Type of Expense Cost
Clothing 370.00
Credit card payments 730.00
Mortgage payment 1,920.00
Student loan payments 811.00
Vacation expenses 987.00
Car repair payment 193.00
Groceries 224.00
1. Calculate the mean, median, and mode cost of last month’s expenses.
2. Calculate the range and interquartile range of last month’s expenses.
Step 1: Put the numbers in order.
Step 2: Find the median.
Step 3: Place parentheses around the numbers above and below the median.
Step 4: Find Q1 and Q3
Step 5: Subtract Q1 from Q3 to find the interquartile range.
3. Which of the expenses in the table above is an outlier? Why?
4. Find the variance and standard deviation. How many standard deviations is the cost
of the mortgage payment from the mean cost of all expenses.
Responses 2
5. Explain the difference between the mean and the median. Also, indicate whether the
data is skewed or not. Why?
