Explanation:
To find the mean, median, mode, and range of the given set of numbers ($834, $1099, $755, $900, $970), we can start by arranging the numbers in ascending order:
$755, $834, $900, $970, $1099
Mean:
To find the mean (average), add up all the numbers and divide by the total count. In this case:
Mean = ($755 + $834 + $900 + $970 + $1099) / 5 = $4558 / 5 = $911.6 (rounded to the nearest dollar)
Median:
The median is the middle value when the numbers are arranged in ascending order. In this case, the median is $900 since it is the middle value.
Mode:
The mode is the value that appears most frequently in the set. In this case, there is no mode since all the numbers appear only once.
Range:
The range is the difference between the highest and lowest value. In this case, the range is calculated as:
Range = Highest Value - Lowest Value = $1099 - $755 = $344
So, the mean is $911.6, the median is $900, the mode is None, and the range is $344.