Did you know?
Did you know that the mean, median, and mode can help analyze costs in different situations? When an insurance company crashed four cars of the same model at a low speed of 5 miles per hour, the repair costs were surprisingly high, totaling an astonishing $412,466,208. By calculating the mean, which is obtained by dividing the sum of the costs by the number of crashes, we can find that the average cost of repair is $103,116,552. The median, on the other hand, is the middle value when the costs are arranged in ascending order. As there are four crashes, the median cost can be found by averaging the second and third values, resulting in a median repair cost of $206,233,104. Lastly, the mode represents the most frequently occurring value. However, in this case, since all the costs are the same, there is no mode. Understanding these statistical measures can provide insights into the distribution of repair costs and aid in decision-making processes.
