Bank of America stock prices at the end of each month from February 2012 until January 2013 are shown as below. These data can also be found in the Excel file titled Bank of America.xlsx.

$7.97 $9.57 $8.11 $7.35 $8.18 $7.34

$7.99 $8.83 $9.32 $9.86 $11.61 $11.32 Based on: http://www.bigcharts.com

a. Calculate the mean.

b. Calculate the median.

c. Determine the mode.

d. Describe the shape of this distribution.

{ table 3.7 | A Summary of the Advantages and Disadvantages of Using the Mean, Median, and Mode Mean Advantages

• Relatively easy to calculate

• Easy to understand Disadvantages

• May be heavily affected by extreme values Median Advantages

• Not affected by extreme values Disadvantages

• Requires more effort to determine when compared with the mean Mode Advantages

• Can be used with categorical data Disadvantages

• Might not exist in some data sets

• Might not be unique (more than one mode may exist)

AppendixLO1