W7.2

Front

W7.2

A local gallery is selling five different paintings by a popular artist. The first four paintings have list prices of respectively: £94, £107, £123 and £82. The gallery wants to make an average of £104 from the sale of all five paintings.

How much should the last painting be listed for in order to achieve the target revenue?

Back

Hint:

Building up on yesterday's question, how can you found out a missing data when we now the mean.

Here the mean is £104.

(94 + 107 + 123 + 82 + ?) /5 = 104

Front

Hint part 2:

Multiply the mean by the number of elements found in the data set.

104 x 5 = ???

now we know:

94 + 107 + 123 + 82 + ? = 520

Back

answer:

94 + 107 + 123 + 82 = 406

406 + ? = 520

I do the inverse operation:

? = 520 - 406

? = 114

£114