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Question
The loans sanctioned by a bank for construction of farm ponds are shown in the following table. Find the mean of the loans.
|
Loan
(Thousand Rupees)
|
40 - 50 | 50 - 60 | 60 - 70 | 70 - 80 | 80 - 90 |
| No. of farm ponds | 13 | 20 | 24 | 36 | 7 |
Solution
|
Class
(Loan in thousand rupees) |
Class Mark xi |
Frequency (Number of farm ponds) fi |
Class mark × Frequency xifi |
| 40 - 50 | 45 | 13 | 585 |
| 50 - 60 | 55 | 20 | 1100 |
| 60 - 70 | 65 | 24 | 1560 |
| 70 - 80 | 75 | 36 | 2700 |
| 80 - 90 | 85 | 7 | 595 |
| \[\sum_{} f_i = 100\] | \[\sum_{} x_i f_i = 6540\] |
Mean = \[\frac{\sum_{} x_i f_i}{\sum_{} f_i}\]
\[= \frac{6540}{100}\]
= 65 . 4 thousand rupees
\[ = 65400\]
Hence, the mean of the loans is Rs 65400.
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