The price for the mean of all seven of the car prices is mathematically given as
NP=$=19400
This is further explained below.
Generally, From the question, we have that
Average prices= $18,500
The total number of pricing estimates= 7
This mean is produced by the expected sum, which is.
= 7*18,500
=$129,500
Therefore, The resulting Sum of quoted prices=
SQP= $(15,500+ 18,800+ 16,900+ 19,900+18,000+21,000)
SQP=$110100
And, The following price that will be quoted is:
NP= $129,500-$110,100
NP=$=19400
In conclusion, The required price is given as
NP=$=19400
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CQ
Nick and Liz have decided to move from the city to the suburbs. This means that they will have to make the essential purchase of a car in order to get to work. They researched used 2-year-old cars of the same make, model, condition, and equipped with the same options. They found a website stating that the average price should be $18,500. These are the prices they were quoted: $15,500, $18,800, $16,900, $19,900, $18,000, $21,000 If they continued their search for one more price quote, what would that price have to be so that the mean of all seven of the car prices would be the same as the mean quoted on the website?
