Questions: The prices of 9 houses sold in a neighborhood are shown. Complete parts (a) through (e) below. 192,000 220,000 184,000 187,000 199,000 230,000 177,000 170,000 511,000 a) Determine the mean. The mean of the data set is (Round to the nearest dollar.)

The prices of 9 houses sold in a neighborhood are shown. Complete parts (a) through (e) below. 192,000 220,000 184,000 187,000 199,000 230,000 177,000 170,000 511,000 a) Determine the mean. The mean of the data set is (Round to the nearest dollar.)
Transcript text: The prices of 9 houses sold in a neighborhood are shown. Complete parts (a) through (e) below. \[ \begin{array}{ll} \$ 192,000 & \$ 220,000 \\ \$ 184,000 & \$ 187,000 \\ \$ 199,000 & \$ 230,000 \\ \$ 177,000 & \$ 170,000 \\ \$ 511,000 & \end{array} \] a) Determine the mean. The mean of the data set is $\$$ $\square$ (Round to the nearest dollar.)
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Solution

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Solution Steps

Step 1: Calculate the Sum of House Prices

To find the mean of the house prices, we first calculate the sum of all the prices. The prices are:

\[ 192000, 220000, 184000, 187000, 199000, 230000, 177000, 170000, 511000 \]

Calculating the sum:

\[ \sum_{i=1}^N x_i = 192000 + 220000 + 184000 + 187000 + 199000 + 230000 + 177000 + 170000 + 511000 = 2070000 \]

Step 2: Count the Number of Houses

Next, we count the number of houses sold, which is \( N = 9 \).

Step 3: Calculate the Mean

The mean \( \mu \) is calculated using the formula:

\[ \mu = \frac{\sum_{i=1}^N x_i}{N} = \frac{2070000}{9} = 230000.0 \]

Final Answer

The mean of the data set is

\[ \boxed{230000.0} \]

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