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.)
$ .
40% were valued at $17,360 each
60% were valued at $20,280 each
0.4 * 178 * $17,360 = ?
0.6 * 178 * $20,280 = ?
Add the totals to find the total value.
thank you, but the answer is wrong.I had the last answer right but wrong on the top is why it would never work out for me. When I add the above up it comes to 37640 and that is wrong so I added 37640.00 and that is wrong also. Any suggestions?
0.4 * 178 * $17,360 = 1,236,032
0.6 * 178 * $20,280 = 2,165,904
1,236,032 + 2,165,904 = $ 3,401,936
To estimate the total value of the funding for all the projects, we can start by finding the average value per project in the sample.
Step 1: Calculate the average value per project in the sample.
- There were 12 projects valued at $17,360 each.
- There were 18 projects valued at $20,280 each.
To find the average value per project, we can use the following formula:
Average value per project = (Total value of funded projects) / (Number of funded projects)
For the first set of projects valued at $17,360 each, the total value is:
Total value = (12 projects) x ($17,360) = $208,320
Similarly, for the second set of projects valued at $20,280 each, the total value is:
Total value = (18 projects) x ($20,280) = $365,040
Now, we can find the overall average value per project:
Average value per project = (Total value of funded projects) / (Number of funded projects)
= ($208,320 + $365,040) / (12 + 18)
Step 2: Calculate the total value of funding for all the projects.
Once we have the average value per project, we can multiply it by the total number of projects (178) to estimate the total value of funding for all the projects.
Total value of funding for all the projects = (Average value per project) x (Total number of projects)
Total value of funding for all the projects = (Average value per project) x (178)
Now, let's calculate the overall average value per project and the total value of funding for all the projects.
Average value per project = ($208,320 + $365,040) / (12 + 18)
= $573,360 / 30
= $19,112
Total value of funding for all the projects = (Average value per project) x (Total number of projects)
= $19,112 x 178
= $3,398,336
Therefore, the estimated total value of the funding for all the projects is $3,398,336.