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If a small business paid quarterly taxes last year of $10,079, $10,121

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If a small business paid quarterly taxes last year of $10,079, $10,121  [#permalink]

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New post 29 Mar 2020, 07:54
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A
B
C
D
E

Difficulty:

  15% (low)

Question Stats:

90% (01:07) correct 10% (01:49) wrong based on 30 sessions

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Re: If a small business paid quarterly taxes last year of $10,079, $10,121  [#permalink]

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New post 29 Mar 2020, 11:49

Solution



Given
In this question, we are given that
    • A small business paid quarterly taxes last year of $10,079, $10,121, $10,112, and $10,088

To find
We need to determine
    • The average quarterly tax payment last year

Approach and Working out
Total tax payment across all 4 quarters = (10079 + 10121 + 10112 + 10088) = 40400
    • Hence, average quarterly tax payment = 40400/4 = 10100

Thus, option C is the correct answer.

Correct Answer: Option C
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Re: If a small business paid quarterly taxes last year of $10,079, $10,121  [#permalink]

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New post 29 Mar 2020, 11:55

Alternate Solution



Given
In this question, we are given that
    • A small business paid quarterly taxes last year of $10,079, $10,121, $10,112, and $10,088

To find
We need to determine
    • The average quarterly tax payment last year

Approach and Working out
For any given set of values, the average always lies between the highest and the least value

Hence, from the options the average can be either 10100 or 10101. Let’s check 10100 first.
    • We also know that the cumulative distances from the mean to all the elements in the set is 0

Distances from 10100 to
    • 10079 = 10100 – 10079 = 21
    • 10121 = 10100 – 10121 = -21
    • 10112 = 10100 – 10112 = -12
    • 10088 = 10100 – 10088 = 12

Therefore, cumulative distance = 21 + (-21) + (-12) + 12 = 0
Hence, mean = 10100

Thus, option C is the correct answer.

Correct Answer: Option C
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Re: If a small business paid quarterly taxes last year of $10,079, $10,121  [#permalink]

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New post 29 Mar 2020, 19:51
Average Quarterly Payment = Total payment in Quarters/4
Average Quarterly Payment = (10079+10121+10112+10088)/4 = 40400/4
Average Quarterly Payment = 10100

Option C.
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Re: If a small business paid quarterly taxes last year of $10,079, $10,121   [#permalink] 29 Mar 2020, 19:51

If a small business paid quarterly taxes last year of $10,079, $10,121

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