Question

Consumers borrow money for many different reasons, including the purchase of a home, car, and appliances, to remodel, or to help pay for college. Approximately 75% of U.S. households carry some debt (Wall Street Journal, February 25, 2013). Consider the amount of household debt in the sample of 25 households shown below.


a. What is the median amount of household debt?
b. Provide a five-number summary of this sample data.
c. What is the mean household debt for this sample?
d. Does this sample contain any outliers?
e. Would you prefer to use the mean or the median when describing household debt?Why?


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  • CreatedFebruary 16, 2015
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