Question

1. Franklin is saving for retirement. Below is the total amount of money in his savings account on the last day of each month. What is the mean amount of money Franklin saves each month? Round your answers to the nearest cent and show all your work.

Month Jan Feb Mar Apr May Jun Jul
Total ($) 10,150 10,211 10,424 10,769 10,884 11,155 11,477

Answer:

Answer 1

$10,724.29

Explanation:

The mean is basically the average of the 7 numbers shown. To get the average, we need to add all the numbers & divide by the number of numbers (which in our case is 7 numbers). Thus, we have:

Mean =
`(10,150+10,211+10,424+10,769+10,884+11,155+11,477)/(7)=10,724.29`

Hence, the mean is 10,724 dollars and 29 cents.