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Math Help - Statistics. Determining the mean.

  1. #1
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    Exclamation Statistics. Determining the mean.

    Hello! Can someone help me please with this exercise?

    The Kentucky Derby is held the first Saturday in May at Churchill Downs in Louisville, Kentucky. The race track is one and one-quarter miles. The following table shows the winners since 1990, their margin of victory, the winning time, and the payoff on a $2 bet.

    Determine the mean for the payoff on a $2 bet. (Round your Mean answers to 4 decimal places )






    My answer for the mean of the payoff on a $2 bet is 29.8040, but it's not right!Statistics. Determining the mean.-12333.jpg
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  2. #2
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    Re: Statistics. Determining the mean.

    It seems very strange that you would be asked to find the mean if you had never been given the definition of "mean"! Add all the numbers in the list under "$2 bet" and divide by the number of entries in the list.
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  3. #3
    Super Member ILikeSerena's Avatar
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    Re: Statistics. Determining the mean.

    Hi Lisa1992!

    It looks like you made a typo.
    Your result is close but it should be something like 25.0333.
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  4. #4
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    Re: Statistics. Determining the mean.

    Well, thank you! but i wanted to use frequency distribution, so i used 5 classes with the intervall of 23 and got this result. Still it should give the same result as i thought...it becomes easer to find out std.deviation afterwards...
    Last edited by Lisa1992; February 17th 2013 at 08:10 AM.
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  5. #5
    Super Member ILikeSerena's Avatar
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    Re: Statistics. Determining the mean.

    I get:

    Code:
    Payoff	6.3	9.6	7.8	10.6	43.5	5.5	5.2	4.9	7.6	30.2
    	53.3	11.7	8.8	4.1	8.4	9.7	101.5	118.9	24.8	20.7	32.6
    
    Sum	525.7																			
    Count	21																			
    Mean	25.03333333
    What kind of sum did you get?
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  6. #6
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    Re: Statistics. Determining the mean.

    thank you! i used calculater and got the same. but i changed my previous post ... so it can be done without frequency distribution, since it gives not exact answer...
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  7. #7
    Super Member ILikeSerena's Avatar
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    Re: Statistics. Determining the mean.

    Quote Originally Posted by Lisa1992 View Post
    thank you! i used calculater and got the same. but i changed my previous post ... so it can be done without frequency distribution, since it gives not exact answer...
    Sure!

    I'm afraid that indeed with a frequency distribution you can't get the mean or standard deviation any more.
    You need the original number to get those properly.
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  8. #8
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    Re: Statistics. Determining the mean.

    All right! I got it
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