Question

whs mathematics of personal finance t1 expenses data calculating range and iqr weekly expenses paola tracked her expenses every day for a week and constructed a box - plot of her data. what is the range of paolas weekly expenses? what is the interquartile range (iqr) of paolas weekly expenses?

Explanation:

Step1: Recall range formula

Range = Maximum - Minimum

Step2: Identify maximum and minimum from box - plot

From the box - plot, the minimum value of weekly expenses is 10 and the maximum value is 20.
Range = 20 - 10 = 10

Step3: Recall IQR formula

IQR = Q3 - Q1 (where Q3 is the third - quartile and Q1 is the first - quartile)

Step4: Identify Q1 and Q3 from box - plot

Q1 is the lower edge of the box, which is 14. Q3 is the upper edge of the box, which is 16.
IQR = 16 - 14 = 2

Answer:

The range of Paola's weekly expenses is 10. The inter - quartile range (IQR) of Paola's weekly expenses is 2.