Question

the table presents detailed tax data for 10 individuals, including their respective incomes, taxes paid, deductions, and tax refunds. what is the mean of the tax refunds in the sample tax data? 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, 5,710, 770 $815 $876 $890 $868

Explanation:

Step1: List all tax refund values

The tax refunds are: $600, $720, $1310, $860, $520, $1210, $760, $920, $1010, $770

Step2: Calculate sum of refunds

$$600 + 720 + 1310 + 860 + 520 + 1210 + 760 + 920 + 1010 + 770 = 8680$$

Step3: Compute the mean

Mean = $\frac{\text{Total sum}}{\text{Number of data points}}$ = $\frac{8680}{10}$

Answer:

$868$