The following table shows data for total assets ($ billion) for a small sample of U.S. banks (late 2013). The mean for the total assets data ($ billion) is
A) $78.3.
B) $56.3.
C) $85.6.
D) $120.5.
E) $42.4.

Question

The following table shows data for total assets ($ billion) for a small sample of U.S. banks (late 2013).  The mean for the total assets data ($ billion) is
A) $78.3. 
B) $56.3. 
C) $85.6. 
D) $120.5. 
E) $42.4.

Quizplus · Accepted Answer

To find the mean, we sum up all the values (total assets) and divide by the number of values (number of banks in the sample). 
Sum = 2.4 + 0.18 + 0.53 + 0.76 + 230 + 0.34 + 0.01 + 14.5 + 8.3 + 306.21 = $562.33 billion 
Number of values = 10 
Mean = Sum/Number of values = 562.33/10 = $56.233 billion, which rounds to $85.6 billion (C).

The Following Table Shows Data for Total Assets ($ Billion)