Question

Listed below are monthly costs for seven healthinsurance companies for a self-employedperson, 55 years of age, and in good health.Find the mean, median, and mode (if oneexists). Round to the nearest dollar. (Source:eHealth Insurance Company, 2007)$312, $225, $221, $256, $308, $280, $147

Answer 1

Given data

$312, $225, $221, $256, $308, $280, $147

Rearrange the data in ascending order

$147, $221, $225, $256, $280, $308, $312

The mean

$\begin{gathered} \bar{x}=\frac{\sum^{}_{}x}{n} \\ \bar{x}=\frac{147+221+225+256+280+308+312}{7} \\ \bar{x}=\frac{1749}{7} \\ \bar{x}\approx250 \\ \bar{x}=\text{ \ }250\text{ }(to\text{ the nearest dollar)} \end{gathered}$

The Median

$\begin{gathered} median=(\frac{N+1}{2})th\text{ term} \\ =(\frac{7+1}{2})th=\frac{8}{2}th=4th\text{ tern} \\ The\text{ 4th term is 256} \\ \text{The median is \ 256} \end{gathered}$

The Mode

There is no mode because all values appeared just once.



Therefore, the mean is $250, the median is $256 and there is no mode (to the nearest dollar)