Winston has just received his monthly credit card statement. He placed 7 charges on his card in the last month with a mean of $29.25 per charge. He knows that 6 of the charges were as follows: $28.80, $24.97, $31.50, $25.41, $37.17, $27.27. Determine the amount of the 7th charge.

Winston has just received his monthly credit card statement. He placed 7 charges on his card in the last month with a mean of $29.25 per charge. He knows that 6 of the charges were as follows: $28.80, $24.97, $31.50, $25.41, $37.17, $27.27. Determine the amount of the 7th charge.

Answer

To find the missing value, we use the formula for the arithmetic mean: Mean = (Sum of all values) / (Total number of values). 1. Calculate the total sum of all 7 charges: Since we know there are 7 charges and the mean is $29.25, the total sum is 7 * $29.25 = $204.75. 2. Calculate the sum of the 6 known charges: $28.80 + $24.97 + $31.50 + $25.41 + $37.17 + $27.27 = $175.12. 3. Find the missing 7th charge by subtracting the sum of the known charges from the total sum: $204.75 - $175.12 = $29.63. Therefore, the amount of the 7th charge is $29.63.