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}=(147+221+225+256+280+308+312)/(7) \\ \bar{x}=(1749)/(7) \\ \bar{x}\approx250 \\ \bar{x}=\text{ \$}250\text{ }(to\text{ the nearest dollar)} \end{gathered}`

The Median

`\begin{gathered} median=((N+1)/(2))th\text{ term} \\ =((7+1)/(2))th=(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)