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Merits and demerits of arithmetic mean?
Merits:It is rigidly defined.It is easy to calculate and simple to follow.It is based on all the abservations.It is determined for almost every kind of data.It is finite and not indefinite.It is readily put to algebraic treatment.It is least affected by fluctuations of sampling.Demerits:The arithmetic mean is highly affected by extreme values.It cannot average the ratios and precentages properly.It is not an approprite average for highly skewed distributions.It cannot be computed accurately if any item is missing.The mean sometimes does not coincide with any of the abserved value.
How do you calculate precentages on a caculator?
Some calculators have special percentage keys, but I find it easier to just use normal multiplication or division, depending on the calculation. Here are three examples: Q: If I put $5000 into a bank account, at an interest rate of 6%, how much interest do I earn? A: 6% is equivalent to 0.06. You should be able to calculate this part in your head. 6% "of" 5000 means 0.06 x 5000. This is the calculation you type into your calculator. Q: Let's say that in the previous problem, I am not interested in the interest earned, but in the total amount I can withdraw after one year. Of course you can add the interest to the capital, but a faster method is to multiply 5000 x 1.06 (i.e., adding one to the interest as a decimal). Try it out; it's really easy! Here are some sample problems, with answers to let you check your calculations. a. 5% of 2000? Answer: 100 b. 7% of 300? Answer: 21 c. 2.5% of 20,000? Answer: 500 d. If you add 6% to 8000, how much do you get (in total)? Answer: 8480 e. If you add 3.5% to 4000, how much do you get? Answer: 4140 f. Initial capital is 5000; annual compound interest rate is 5%; how much money do you have after 3 years? (Hint: apply the factor 3 times). Answer: 5788.13
