Question

The following data represent the exchange rates for Currency A in terms of Currency B for 14 months. Complete parts a through e below.

Data:
0.69, 0.57, 0.71, 1.51, 0.92, 0.57, 1.14, 0.55, 1.43, 0.86, 0.95, 1.40, 0.78, 0.88

a) Calculate the mean.
Choose 1 answer:
A) The mean is $0.69
B) The mean is $1.00
C) The mean is $0.972
D) The mean is $1.15

Answer 1

The mean exchange rate for Currency A in terms of Currency B is calculated by adding all the monthly exchange rates and dividing by the number of months, resulting in approximately $0.85, which is not listed in the provided choices.

Step-by-step explanation:

To calculate the mean exchange rate for Currency A in terms of Currency B, you simply add up all the given exchange rates and divide by the number of months. Adding the provided data values gives us:

0.69 + 0.57 + 0.71 + 1.51 + 0.92 + 0.57 + 1.14 + 0.55 + 1.43 + 0.86 + 0.95 + 1.40 + 0.78 + 0.88 = 11.86.

Now, divide by the number of months (14) to find the mean.

Mean = 11.86/14 ≈ 0.8471.

This is rounded to two decimal places as mean is $0.85 (although this option is not listed in the choices provided and might be due to a rounding discrepancy in the options).