Final answer:
The mean, median, and mode of the prizes in the local lottery are calculated as $403,170.73, $250, and $250, respectively.
Step-by-step explanation:
To find the mean, median, and mode of the prizes in the local lottery, we first need to organize the prizes in ascending order:
$250, $250, $250, $250, $250, $250, $250, $250, $250, $250, $250, $250, $250, $250, $250, $250, $250, $250, $250, $250, $250, $250, $250, $250, $250, $250, $250, $250, $250, $250, $250, $250, $250, $250, $250, $250, $250, $250, $250, $250, $250, $250, $250, $350,000, $350,000, $350,000, $350,000, $350,000, $350,000, $350,000, $1,000,000, $1,000,000
Mean: To find the mean, we add up all the values and divide by the total number of values. In this case, the mean is calculated as follows: ((2 * $1,000,000) + (7 * $350,000) + (41 * $250)) / (2 + 7 + 41) = $403,170.73 (rounded to the nearest cent).
Median: To find the median, we need to find the middlemost value. In this case, we have 50 values, so the median is the average of the 25th and 26th values, which are both $250. Therefore, the median is $250.
Mode: The mode is the value that appears most frequently. In this case, the mode is $250 because it appears 41 times, while the other values appear only 2 or 7 times.
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