Question

QUESTION 5 of 10: You are considering selling your home. You consult with an agent who gives you the asking prices of five homes (comps)
in your area: $165,000, $188,000, $175,000, $150,000 and $400,000. The $400,000 is an outlier so you will not include it in your evaluation. In
determining a reasonable asking price, what is the mean of the four remaining comps?
a) $188,000
b) $215,000
Oc) $169,500
d) $175,000

Answer 1

Answer: $169,500

Step-by-step explanation:

The mean simply means the average price of a set of a numbers that are given. For one t calculate the mean, one has to add the numbers that are given and then divide them by the amount of numbers.

I'm the case above, the numbers given are $165,000, $188,000, $175,000, and $150,000.

Mean = ($165,000 ,+ $188,000 +$175,000 + $150,000) ÷ 4

= $678,000/4

= $169,500