What is the range 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 range of a set of data, you subtract the minimum value from the maximum value. In this case, if the calculations have shown that the difference between the highest and lowest sale amounts results in $21,000, then this is indeed the correct answer.

The range provides a measure of how spread out the sales figures are, giving insight into the variability of the data. A range of $21,000 suggests that there is a significant difference between the highest and lowest sales, which may indicate varying demand or performance across the sales.

This understanding reinforces the importance of calculating the range in evaluating data variability. Other options may not reflect the true difference between the maximum and minimum values found in the dataset. The computed range is crucial for interpreting the overall sales performance effectively.

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