Chapter 3

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13. In June an investor purchased 300 shares of Oracle (an information technology company) stock at $20 per share. In August she purchased an additional 400 shares at $25 per share. In November she purchased an additional 400 shares, but the stock declined to $23 per share. What is the weighted mean price per share?(10%) ANS:

$22.91, found by

14. The Bookstall, Inc., is a specialty bookstore concentrating on used books sold via the Internet. Paperbacks are $1.00 each, and hardcover books are $3.50. Of the 50 books sold last Tuesday morning, 40 were paperback and the rest were hardcover. What was the weighted mean price of a book? (10%) ANS:

$1.50 found by ($40 + $35)/50

15. The Loris Healthcare System employs 200 persons on the nursing staff. Fifty are nurse’s aides, 50 are practical nurses, and 100 are registered nurses. Nurse’s aides receive $8 an hour, practical nurses $15 an hour, and registered nurses $24 an hour. What is the weighted mean hourly wage? (10%) ANS:

$17.75, found by [50($8) + 50($15) + 100($24)]/200 or $3550/200

16. Andrews and Associates specialize in corporate law. They charge $100 an hour for researching a case, $75 an hour for consultations, and $200 an hour for writing a brief. Last week one of the associates spent 10 hours consulting with her client, 10 hours researching the case, and 20 hours writing the brief. What was the weighted mean hourly charge for her legal services? (10%) ANS:

$143.75, found by ($1000 +$750 + $4000)/40
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