Question 952564: You are planning to buy a franchise from Fancy Fried Food. The table below shows average weekly profits, rounded to the nearest hundred, for a number of the current franchises. If you buy a franchise, what would your expected weekly profit be? round to the nearest whole dollar.
Average Weekly Profit Number Who Earned This
$100 13
$200 15
$300 23
$400 9
$500 10
$600 22
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! You are planning to buy a franchise from Fancy Fried Food. The table below shows average weekly profits, rounded to the nearest hundred, for a number of the current franchises. If you buy a franchise, what would your expected weekly profit be? round to the nearest whole dollar.
Average Weekly Profit Number Who Earned This
$100 13
$200 15
$300 23
$400 9
$500 10
$600 22
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Find the relative frequency for each # of franchises::
Example:: Relative freq for 13 = 13/92 = 0.1585
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Multiply each relative freq by the corresponding dollar figure
Ex:: 0.1585 * 100 = 15.85
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Find the sum of the products to get the expected product::
E(x) = (13*100 + 15*200 + 23*300 + 9*400 + 10*500 + 22*600)/92
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Cheers,
Stan H.
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