Data on the amount of money made in a year by 1,000 families in a small town were collected. You want to know the difference in the amount of money made in that year by the middle 50% of the 1,000 families. Which of the following would you compute?
A) Arithmetic mean
B) Median
C) Interquartile range
D) Coefficient of correlation

Question

Quizplus · Accepted Answer

To find the difference in the amount of money made by the middle 50% of families, we need to find the range between the 25th percentile and the 75th percentile, which is the interquartile range. The arithmetic mean and coefficient of correlation do not provide information on the spread of the data, while the median only gives information about the middle value but not the spread of the data.

Data on the Amount of Money Made in a Year