In a survey conducted to determine the costs of holidays, 196 individuals were randomly sampled. Each was asked to assess the total cost of his or her most recent holiday. The average cost was $1386.
To find the average cost of $1386 in the survey, you can use the formula for the sample mean:
Sample Mean = Sum of all values / Total number of values
In this case, the sum of all values is not given, but we are given that the sample size is 196 individuals and the average cost is $1386.
To find the sum of all values, you can multiply the average cost by the sample size:
Sum of all values = Average cost * Total number of values
Sum of all values = $1386 * 196
Sum of all values = $271,656
Therefore, the sum of all the costs reported in the survey is $271,656.