Question

A survey has been conducted to study mean and median balance of the savings bank accounts of all the customers. 20 sample households’ accounts were selected for the further study.

The balances are (figures in USD) 745, 2,000, 1,500, 68,000, 461, 549, 3750, 1800, 4795, 2625, 40, 900, 780, 72, 10, 8000, 11225, 22, 50 and 42.

1. find out mean and median account balance.

b. Do extreme values in the observation affect the central tendencies? Give reason for your answer.

Answer 1