A sample of 30 of 178 funded projects revealed that 12 were valued at $17,360 each and 18 were valued at $20,280 each. From the sample data, estimate the total value of the funding for all the projects. (Enter your answers to two decimal places.)
$ 35.60
If the values are in the tens of thousands of dollars, how do you get a total value of $35.60?
I really don't know but this is the way I did it.
12+18=30
12/30=.4
.4x178=71.2
then
12+18=30
18/30=.6
.6x178=106.8
71.2-106.8 = 35.60
I tried to work it
To estimate the total value of the funding for all the projects, you need to calculate the average value per project and then multiply it by the total number of projects.
First, let's calculate the average value per project in the sample data. We have 12 projects valued at $17,360 each and 18 projects valued at $20,280 each.
To calculate the average, you can use the formula: Average = (Sum of all values) / (Total number of values)
So, the average value per project can be calculated as:
Average = [(12 * $17,360) + (18 * $20,280)] / (12 + 18)
= [$208,320 + $365,040] / 30
= $573,360 / 30
= $19,112
Now, we can estimate the total value of the funding for all the projects by multiplying the average value per project by the total number of projects.
Total value = Average value per project * Total number of projects
= $19,112 * 178
= $3,400,336
Therefore, the estimated total value of the funding for all the projects is $3,400,336.