Question

Oculus Bank wants to understand how all of its individual customers save money. So, it looked at a sample of 25 of its customers' accounts. The sample shows the following dollar amounts saved in 2019:

741	758	697	688	707	686	710	704	717	765	727	728	690
731	752	692	718	769	714	687	745	734	681	731	733

  Click here for the Excel Data File

(Round your answers to 2 decimal places.)

Find the point estimate for the population mean, the point estimate for the population median, and the point estimate for the population mode.

Answer 1

point estimate for the population mean=sample mean

sample mean=sum of values/total

=18005/25

=720.20

population mean=720.20

Solution-b:

median is sorting the numbers from smallest to largest and middle value is median

681 686 687 688 690 692 697 704 707 710 714 717 718 727 728 731 731 733 734 741
745 752 758 765 769

middle value=13 th item=718

population median=718

popualtion median=718

Solution-c:

mode is the value that repeats more number of times here 731 repeats 2 times

popualtion mode=731