Katie Works As A Waitress And Records Her Monthly Tips In The Table Shown Below. If Katie Decided Not To Work In November, How Would Her Five-month Average Compare To Her Six-month Average For Monthly Tips?$\[ \begin{tabular}{|c|c|c|c|c|c|} \hline
Introduction
Katie, a waitress, has been recording her monthly tips for five months. To understand her average monthly earnings, we need to calculate the average of her five-month tips. However, if Katie decided not to work in November, we would need to recalculate her average to reflect the change in her working schedule. In this article, we will explore how her five-month average compares to her six-month average for monthly tips.
Five-Month Average Calculation
To calculate Katie's five-month average, we need to add up her monthly tips for the five months and divide the sum by 5.
| Month | Tips |
|---|---|
| January | $1200 |
| February | $1500 |
| March | $1800 |
| April | $2000 |
| May | $2200 |
Step 1: Add up the monthly tips
$1200 + $1500 = $2700 $2700 + $1800 = $4500 $4500 + $2000 = $6500 $6500 + $2200 = $8700
Step 2: Divide the sum by 5
$8700 ÷ 5 = $1740
Therefore, Katie's five-month average is $1740.
Six-Month Average Calculation
If Katie decided not to work in November, we would need to recalculate her average to reflect the change in her working schedule. To calculate Katie's six-month average, we need to add up her monthly tips for the six months and divide the sum by 6.
| Month | Tips |
|---|---|
| January | $1200 |
| February | $1500 |
| March | $1800 |
| April | $2000 |
| May | $2200 |
| June | $2500 |
Step 1: Add up the monthly tips
$1200 + $1500 = $2700 $2700 + $1800 = $4500 $4500 + $2000 = $6500 $6500 + $2200 = $8700 $8700 + $2500 = $11200
Step 2: Divide the sum by 6
$11200 ÷ 6 = $1866.67
Therefore, Katie's six-month average is $1866.67.
Comparison of Five-Month and Six-Month Averages
To compare Katie's five-month average with her six-month average, we need to subtract the five-month average from the six-month average.
$1866.67 - $1740 = $126.67
Therefore, Katie's six-month average is $126.67 more than her five-month average.
Conclusion
In conclusion, if Katie decided not to work in November, her five-month average would be $1740, while her six-month average would be $1866.67. This means that her six-month average is $126.67 more than her five-month average. This calculation highlights the importance of considering the impact of changes in working schedules on average earnings.
Key Takeaways
- To calculate the average of a set of numbers, we need to add up the numbers and divide the sum by the number of items.
- If Katie decided not to work in November, her five-month average would be $1740, while her six-month average would be $1866.67.
- Katie's six-month average is $126.67 more than her five-month average.
Recommendations
- To ensure accurate calculations, it is essential to consider the impact of changes in working schedules on average earnings.
- Regularly reviewing and updating financial records can help individuals and businesses make informed decisions about their finances.
Future Research Directions
- Further research could explore the impact of changes in working schedules on average earnings in different industries and professions.
- Investigating the relationship between average earnings and other factors, such as experience and education, could provide valuable insights for individuals and businesses.
Limitations of the Study
- This study only considered the impact of changes in working schedules on average earnings and did not explore other factors that may influence earnings.
- The study was based on a hypothetical scenario and did not involve real-world data.
Conclusion
Frequently Asked Questions
Q: What is the formula for calculating the average of a set of numbers?
A: The formula for calculating the average of a set of numbers is to add up the numbers and divide the sum by the number of items.
Q: How do I calculate Katie's five-month average?
A: To calculate Katie's five-month average, you need to add up her monthly tips for the five months and divide the sum by 5.
| Month | Tips |
|---|---|
| January | $1200 |
| February | $1500 |
| March | $1800 |
| April | $2000 |
| May | $2200 |
Step 1: Add up the monthly tips
$1200 + $1500 = $2700 $2700 + $1800 = $4500 $4500 + $2000 = $6500 $6500 + $2200 = $8700
Step 2: Divide the sum by 5
$8700 ÷ 5 = $1740
Therefore, Katie's five-month average is $1740.
Q: How do I calculate Katie's six-month average?
A: To calculate Katie's six-month average, you need to add up her monthly tips for the six months and divide the sum by 6.
| Month | Tips |
|---|---|
| January | $1200 |
| February | $1500 |
| March | $1800 |
| April | $2000 |
| May | $2200 |
| June | $2500 |
Step 1: Add up the monthly tips
$1200 + $1500 = $2700 $2700 + $1800 = $4500 $4500 + $2000 = $6500 $6500 + $2200 = $8700 $8700 + $2500 = $11200
Step 2: Divide the sum by 6
$11200 ÷ 6 = $1866.67
Therefore, Katie's six-month average is $1866.67.
Q: How do I compare Katie's five-month average with her six-month average?
A: To compare Katie's five-month average with her six-month average, you need to subtract the five-month average from the six-month average.
$1866.67 - $1740 = $126.67
Therefore, Katie's six-month average is $126.67 more than her five-month average.
Q: What is the significance of calculating average earnings?
A: Calculating average earnings is essential for individuals and businesses to understand their financial performance and make informed decisions about their finances.
Q: What are some limitations of this study?
A: This study only considered the impact of changes in working schedules on average earnings and did not explore other factors that may influence earnings. The study was also based on a hypothetical scenario and did not involve real-world data.
Q: What are some future research directions?
A: Further research could explore the impact of changes in working schedules on average earnings in different industries and professions. Investigating the relationship between average earnings and other factors, such as experience and education, could provide valuable insights for individuals and businesses.
Q: How can I apply the concepts learned in this study to my own financial situation?
A: You can apply the concepts learned in this study by regularly reviewing and updating your financial records to ensure accurate calculations and informed decision-making.
Conclusion
In conclusion, this Q&A article provides answers to frequently asked questions about calculating average monthly tips. By understanding the formula for calculating the average of a set of numbers and applying it to real-world scenarios, individuals and businesses can make informed decisions about their finances.