Electric Home Heating Costs: Range Calculation | CFA® Level 1 Test Prep

Range of Heating Costs for All-Electric Homes in March

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Question

A sample of the amounts spent to heat all-electric homes of similar sizes in March revealed these amounts (to the nearest dollar): $212, $191, $176, $129, $106,

$92, $108, $109, $103, $121, $175 and $194. What is the range?

Answers

Explanations

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A. B. C. D. E.

C

Range = 212 - 92 = 120

To find the range, we need to determine the difference between the highest and lowest values in the given data set.

First, let's arrange the data in ascending order: $92, $103, $106, $108, $109, $121, $129, $175, $176, $191, $194, $212.

Now, we can easily identify the lowest value, which is $92, and the highest value, which is $212.

To find the range, we subtract the lowest value from the highest value: $212 - $92 = $120.

Therefore, the range of the amounts spent to heat the all-electric homes is $120.

The correct answer is C. $120.

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