Problem
An accountant of a manufacturing company was interested in the time (days) that it takes customers to pay their invoices. The accountant took a sample of invoices and recorded the time of payment, then used Excel to create the following:
INVOICES
mean 34.01
standard error 3.93
median 18
mode 15
standard deviation 39.26
sample variance 1541.01
minimum 9
maximum 157.50
sum 2890. 5
count 85
1. How large was the sample size?
2. State the symbol that represents the mean for this data set (use words if necessary).
3. Is this data set negatively skewed, positively skewed or symmetric? Briefly explain your reasoning.
4. Briefly state and interpret the 50th percentile of this data set.