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QUESTION 8 Using the hypothetical information below, determine the average sale price. Express your answer in...

QUESTION 8

  1. Using the hypothetical information below, determine the average sale price. Express your answer in thousands of dollars and do not include the dollar sign ($) in your answer.

    Percent of Sales Car Sale Price
    8% $70,000
    16% $60,000
    25% $50,000
    32% $40,000
    19% $30,000
Math   Statistics-And-Probability   
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Answer #1

The average sale price is calculated as :

Consider the table below:

Percent of Sales Car Sale Price Percent of Sales * Car Sale Price
0.08 70,000 5600
0.16 60,000 9600
0.25 50,000 12500
0.32 40,000 12800
0.19 30,000 5700
46200

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