My Math Forum  

Go Back   My Math Forum > High School Math Forum > Probability and Statistics

Probability and Statistics Basic Probability and Statistics Math Forum


Thanks Tree3Thanks
  • 1 Post By mathman
  • 1 Post By JeffJo
  • 1 Post By Country Boy
Reply
 
LinkBack Thread Tools Display Modes
November 24th, 2016, 11:33 AM   #1
Senior Member
 
Joined: Feb 2014

Posts: 114
Thanks: 1

Is total of interest?

Hello,
What means ' Is total of interest' ?
Attached Images
File Type: jpg whatme.JPG (34.4 KB, 11 views)
life24 is offline  
 
November 24th, 2016, 04:18 PM   #2
Global Moderator
 
Joined: May 2007

Posts: 6,806
Thanks: 716

You need to supply context.
Thanks from life24
mathman is offline  
November 24th, 2016, 10:13 PM   #3
Senior Member
 
Joined: Feb 2014

Posts: 114
Thanks: 1

Quote:
Originally Posted by mathman View Post
You need to supply context.
Of course,
Attached Images
File Type: jpg ofcourse.JPG (64.5 KB, 6 views)
life24 is offline  
November 25th, 2016, 04:51 AM   #4
Senior Member
 
Joined: Apr 2015
From: Planet Earth

Posts: 141
Thanks: 25

Wink

What is the typical favorite number of children in kindergarten? How long is a typical answer in the forum? Well, it depends on what you mean by "typical."

"Favorite number" is categorical. If you ask 11 children, you might get a set like "one, one, two, three, three, three, five, seven, ten, one million, one googleplex." But the values here aren't what the question was asking about. The median - five - appears only once, and isn't the answer you seek because you aren't concerned about how that value compares to "one" or "one googleplex."

Averaging would be also pointless. The result would essentially be "one googleplex," which most of them haven't heard of. "Three" appears more often than any other number - it is the mode - and is the best answer. Now, most things that are categorical are not numbers, so there is no median or mean. Like "Favorite color" instead of "favorite number." I chose my example to show how numbers can be categorical.

While it may not be as dramatic a range as "favorite numbers," the lengths of answers here include some less than 10 words ("You need to supply context" - thanks for the example mathman ), many in the 50-100 word range, and then mine. I like to explain things in detail, and am exaggerating the tendency for this answer. It isn't the difference in the values - that is, the total of each - that you care about. Only the comparison of values - that my 500 word answer is more than those 50-100 word ones. If you include mine in a mean, the answer will rise well above that 50-100 word range. Just like averaging "one googleplex," my long answers will skew the mean well above the length of most answers. So you can't call the mean "typical."

The point is, that you aren't interested in the total number of words, you want to know what ranges the answers typically fall in. That would be the 50-100 range, where the median is.
Thanks from life24

Last edited by JeffJo; November 25th, 2016 at 05:35 AM.
JeffJo is offline  
November 25th, 2016, 05:39 AM   #5
Math Team
 
Joined: Jan 2015
From: Alabama

Posts: 3,264
Thanks: 902

"Is total of interest" means "are we interested in the total" or "do we want to find the total" of a list of numbers. If the answer to that question is "yes" then we "use the mean". If the answer is "no" then we go to the next question and determine whether or not the distribution is skewed.
Thanks from life24
Country Boy is offline  
November 27th, 2016, 02:10 AM   #6
Banned Camp
 
Joined: Nov 2016
From: St. Louis, Missouri

Posts: 28
Thanks: 4

Math Focus: arithmetic, fractions
The chart you provide with your question isn't helpful enough.
toddhicks209 is offline  
Reply

  My Math Forum > High School Math Forum > Probability and Statistics

Tags
interest, total



Thread Tools
Display Modes


Similar Threads
Thread Thread Starter Forum Replies Last Post
Simple Interest: How to find the actual interest rate? grace25 Elementary Math 12 January 24th, 2013 08:46 PM
Calculating Total Interest Paid on a Loan moreyS Algebra 9 February 20th, 2012 02:53 AM
Simple interest/Compound interest Qwertyqwerty Elementary Math 2 September 20th, 2011 10:41 PM
Calculate interest rate based on interest in parcels douglasrac Economics 0 February 17th, 2011 09:14 AM
Total distance MathematicallyObtuse Algebra 3 February 8th, 2011 01:41 AM





Copyright © 2019 My Math Forum. All rights reserved.