Your company is doing market research to assess the feasibility of a new product.The market research team gathers pricing information of all the existing products that would compete with your company's product.The most expensive brand is priced at $22.95, and the least expensive one at $20.59.If a class width of 0.25 is used, then the class mark of the first class interval will be
A)20.50
B)20.59
C)20.72
D)21.75
E)23.09

Question

Quizplus · Accepted Answer

The first class interval starts at the minimum value, $20.59. With a class width of 0.25, the first class interval would be $20.59 to $20.84. The class mark (midpoint) of this interval is calculated as ($20.59 + $20.84) / 2 = $20.715, which rounds to $20.72, making option C correct.

Your Company Is Doing Market Research to Assess the Feasibility