Question

Consider the following types of data that were obtained from a random sample of 49 credit card accounts. Identify all the averages (mean, median, or mode) that can be used to summarize the data.(Select all that apply.)(a) Outstanding balance on each account.A. modeB. medianC. mean(b) Name of credit card (e.g., MasterCard, Visa, American Express, etc.).A. modeB. medianC. mean(c) Dollar amount due on next payment.A. modeB. medianC. mean

Answer 1

(a)A,B.C

(b)A

(c)A, B, C

Explanation:

Part A

The outstanding balance on each account can be summarized using the mean, median, and mode since it is quantitative data.

Options A, B, and C are correct here.

Part B

The name of credit cards can only be summarized by frequency. That is, how many belong to each company (i.e. MasterCard, Visa, American Express, etc.)

The only correct option here is Mode. (Option A).

Part C

The dollar amount due on the next payment is a numerical data, we can find the mean, median, and mode for any numerical data.

Options A, B, and C are correct here.