Question

When recommending five different mutual funds for you to consider, your financial planner mentions that the minimum investment averages to about $1200. He further tells you that the minimum investment amounts for the five mutual funds are $500, $2000, $2500, $25 000, and $2000, respectively. However, when you key these numbers into a calculator, you find that the minimum average investment is, in fact, $6400. What accounts for this discrepancy?

Name: when recommending five different mutual funds for you to consider your financial planner mentions that the minimum investment averages to about 1200 he further tells you that the minimum inv 36491
Uploaded: 2022-06-15T10:35:44-08:00
Duration: 2 min 21 s
Channel: Shaiju T
Description: when recommending five different mutual funds for you to consider your financial planner mentions that the minimum investment averages to about 1200 he further tells you that the minimum inv 36491

          When recommending five different mutual funds for you to
consider, your financial planner mentions that the minimum
investment averages to about $1200. He further tells you that the
minimum investment amounts for the five mutual funds are $500,
$2000, $2500, $25 000, and $2000, respectively. However, when you
key these numbers into a calculator, you find that the minimum
average investment is, in fact, $6400. What accounts for this
discrepancy?

Added by Alfonso H.

Elementary Statistics a Step by Step Approach

Allan G. Bluman 9th Edition

Instant Answer

Solved by Expert Shaiju T

06/15/2022

Step 1

Step 1: Calculate the average of the minimum investment amounts given: $500, $2000, $2500, $25,000, and $2000. Show more…

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When recommending five different mutual funds for you to consider, your financial planner mentions that the minimum investment averages to about $1200. He further tells you that the minimum investment amounts for the five mutual funds are $500, $2000, $2500, $25 000, and $2000, respectively. However, when you key these numbers into a calculator, you find that the minimum average investment is, in fact, $6400. What accounts for this discrepancy?