Based on the calculations, the average selling price for these properties is equal to $127,865.
Mathematically, the average selling price for these properties would be calculated by using the following formula:
Average price = [F(x)]/n
Note: The total number of properties is equal to 5.
Substituting the given parameters into the formula, we have;
Average price = [118,450 + 126,500 + 128,000 + 130,425 + 135,950]/5
Average price = 639,325/5
Average price = $127,865.
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Complete Question:
Property taxes are based on the value of the property. city officials use the average selling price of similar properties to estimate the value. the selling prices of similar properties are listed below. $118,450 $126,500 $128,000 $130,425 $135,950. What is the average selling price?
