Question

Find the

a. Mean b. median c. mode

For the mean and the median, round each answer to one more decimal place than that used for the observations.

Billionaires' Club. Each year, Forbes magazine compiles a list of the $400$richest Americans. As of September $19,2012$, the top 10 on the list are as shown in the following table.

Short answer

$$\begin{gathered} a)\$34.71billions \\ b)\$29.45billions \\ c)\$31.0billions \end{gathered}$$

Step-by-step solution

Step 1. Given information. 

We have given data:$66.0,46.0,41.0,31.0,31.0,27.9,26.8,26.3,26.1,25.0$

Step 2. Mean of the data. 

Mean$=\frac{Sumofobservation}{Numberofobservation}$

$$\begin{gathered} =\frac{66.0+46.0+41.0+31.0+31.0+27.9+26.8+26.3+26.1+25.0}{10} \\ =\frac{347.1}{10} \\ =34.71 \end{gathered}$$

Step 3. Median of the data. 

Arrange the data in increasing order : $25.0,26.1,26.3,26.8,27.9,31.0,31.0,41.0,46.0,66.0$

Median

localid="1651163731032" $$\begin{gathered} =\frac{5th+6th}{2} \\ =\frac{27.9+31.0}{2} \\ =\frac{58.9}{2} \\ =29.45 \end{gathered}$$

Step 4. Mode of the data. 

The greatest frequency is the mode of the data set.

The mode of the given data set is$31.0$