Statistics. Determining the mean.

[Lisa92]

Hello! Can someone help me please with this exercise?

The Kentucky Derby is held the first Saturday in May at Churchill Downs in Louisville, Kentucky. The race track is one and one-quarter miles. The following table shows the winners since 1990, their margin of victory, the winning time, and the payoff on a $2 bet.

Determine the mean for the payoff on a $2 bet. (Round your Mean answers to 4 decimal places )


https://docs.google.com/file/d/0Bzhehhz2JeVNbGZOUXpjcHFKSEk/edit



My answer for the mean of the payoff on a $2 bet is 29.8040, but it's not right!:shakehead

 

[doajig]

I think you probably made a typo when entering one of the numbers into the calculator, because you're in the ballpark.

Find the mean by adding all the payoffs together, and then dividing by the number of payoffs, which is 21 in this case.