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Point Estimators & Trimmed Mean

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7.1 A random sample of 20 vice presidents of Fortune 500 firms is taken. The amount each vice president paid in federal taxes as a percentage of gross income is determined. The data are:

16.0 18.1 18.6 20.2 21.7 22.4 22.4 23.1 23.2 23.5
24.1 24.3 24.7 25.2 25.9 26.3 27.9 28.0 30.4 33.7

a. Compute the sample mean and median.

b. Compare the 20% trimmed mean; that is, delete the lowest 10% and the highest 10% of the data and find the mean of the remainder.

Please include any charts and graphs.

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Solution Summary

The solution provides step-by-step method for the calculation of sample mean, median and trimmed mean. Formula for the calculation is also included.

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