Boyce invested an average of $450 per month since age 34 in various securities or his retirement savings. his investments averaged a 4% annual rate of return until he retired at age 63. given the same monthly investment and rate of return, how much more would boyce have in his retirement savings had he started investing at age 20? assume monthly compounding.

solution:

as, mean is defined as sum of all the observations divided by total number of observations.

and , median is mid value of the data whether arranged in ascending order or descending order.

consider, roadsters:

2,3,4,5,6,7,8,9

mean =

also, median= , because number of observations is even, so median is mean of two mid values.

now, coming to bandits

2,3,4,5,6

mean =  

median = 4, as number of observations is odd.

so, roadsters has greater median as well mean than bandits.

→option a is true about the repairs performed on 2 types of cars:

bandits have lower median and mean than roadsters.