Question

ths-sc financial math cr sem b
tax data
analyzing tax data
the table presents detailed tax data for 10 individuals, including their respective incomes, taxes paid, deductions, and tax refunds.
table: tax id, income ($), tax paid ($), deductions ($), tax refund ($)
id001: 78,340; 12,640; 9,120; 600
id002: 51,270; 7,850; 5,110; 720
id003: 114,950; 23,200; 11,650; 1,310
id004: 88,560; 14,240; 9,870; 860
id005: 47,380; 6,750; 4,750; 520
id006: 104,870; 21,320; 10,620; 1,210
id007: 67,490; 10,740; 7,640; 760
id008: 83,240; 13,240; 9,340; 920
id009: 91,760; 15,210; 10,120; 1,010
id010: 57,210; 8,740; 5,740; 770
what is the mean of the tax refunds in the sample tax data?
options: $815, $876, $868, $890

Explanation:

Step1: List all tax refund values

The tax refund values are: 600, 720, 1310, 860, 520, 1210, 760, 920, 1010, 770.

Step2: Calculate the sum of these values

\[

$$\begin{align*} &600 + 720 + 1310 + 860 + 520 + 1210 + 760 + 920 + 1010 + 770\\ =&(600 + 720) + (1310 + 860) + (520 + 1210) + (760 + 920) + (1010 + 770)\\ =&1320 + 2170 + 1730 + 1680 + 1780\\ =&(1320 + 2170) + (1730 + 1680) + 1780\\ =&3490 + 3410 + 1780\\ =&(3490 + 3410) + 1780\\ =&6900 + 1780\\ =&8680 \end{align*}$$

\]

Step3: Calculate the mean (average)

The mean is the sum divided by the number of values (n = 10).
\[
\text{Mean} = \frac{8680}{10} = 868
\]

Answer:

\$868