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Question
An investor buys ₹ 1,500 worth of shares in a company each month. During the first four months, he bought the shares at a price of ₹ 10, ₹ 15, ₹ 20 and ₹ 30 per share. What is the average price paid for the shares bought during these four months? Verify your result.
Solution
To find the average price for shares, we have to find the harmonic mean
∴ Harmonic mean = `"n"/(1/"a" + 1/"b" + 1/"c" + 1/"d")`
= `4/(1/10 + 1/15 + 1/20 + 1/30)`
= `4/((6 + 4 + 3 + 2)/60)`
= `4/(15/60)`
= `4/0.25`
= 16
∴ HM = 16
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