Question

note: please make sure to properly format your answers. all dollar figures in the answers need to include the dollar sign and any amount over 1,000 should include the comma ($2,354.67). all percentage values in the answers need to include a percentage sign (%). for all rounding instructions, round your answers to two decimal places, show both decimal places ($0.00). before the last school year began, it was estimated that the average discretionary personal expenses each school - year for a student attending a 4 - year public college were $2,110. this past summer ashley decided to poll seven of her friends attending a 4 - year public college because she thought that estimate was low. she made a list of their actual school - year expenses: $2,800, $1,990, $2,005, $2,400, $1,860, $2,200, $2,000. a. what is the mean of her friends personal expenses? round your answer to the nearest cent. b. is the average higher or lower than the estimate? higher \\/ c. what would ashleys actual personal expenses for that school year have to be so that her amount and her friends amounts together would have an average of $2,110? 1,625 2,173.29

Explanation:

Step1: Recall mean formula

The mean $\bar{x}=\frac{\sum_{i = 1}^{n}x_{i}}{n}$, where $x_{i}$ are the data - points and $n$ is the number of data - points. Here, $n = 7$ and $x_{i}$ are the personal expenses: $2800,1990,2005,2400,1860,2200,2000$.

Step2: Calculate the sum

$\sum_{i=1}^{7}x_{i}=2800 + 1990+2005+2400+1860+2200+2000=15255$.

Step3: Calculate the mean

$\bar{x}=\frac{15255}{7}\approx2179.29$.

Step4: Compare with Ashley's estimate

Ashley's estimate is $2110.71625$. Since $2179.29>2110.71625$, the average is higher than Ashley's estimate.

Answer:

a. $\$2,179.29$
b. higher