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Calculating the Mean

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A study on rental housing provided the following data on income and rent as a percentage of income for a sample of 5 rental units.

Income ($000):

Rent (% income):

Calculate the mean rent in thousands of dollars.

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Solution Summary

This solution calculates the mean for one problem that provides data from a study on rental housing on income and rent as a percentage of income for a sample of 5 rental units. It provides a step-by-step process.

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The mean of a set of quantitative data, is equal to the sum of the measurements divided by the number of measurements contained in the data set. Keeping this definition in mind, your answer is correct. On the five rental suite, on average, the rent is $16,000.00 per annum.

Of course, if you wanted to calculate the mean rent for a month for this same data set, you would divide $16,000.00 by 12 months equaling $1333.33 ...

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