What is the mean of the given 12 recent sales?

Prepare for the Statistics, Modeling and Finance Exam. Leverage flashcards and multiple choice questions with detailed explanations. Achieve exam success!

To determine the mean of the 12 recent sales, you need to sum all the sale amounts and then divide that total by the number of sales, which is 12. The mean, often referred to as the average, is calculated using the formula:

[ \text{Mean} = \frac{\text{Total Sum of Sales}}{\text{Number of Sales}} ]

If, after performing these calculations, the sum of the sales amounts equals $1,842,000, then dividing this total by 12 would give you a mean of $153,500. This figure represents a central value that summarizes the data and provides an average sales amount per transaction.

Choosing this answer indicates an understanding of how to compute the mean and that you have correctly processed the data to arrive at the average. It's essential to perform meticulous calculations to ensure that the total amount and the division are executed accurately, leading you to the correct mean value. Meanwhile, the other options would likely suggest mean values based on incorrect sums or calculations of the sales data provided.

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