Mike, Ana, Tiffany, Josh and Annie are heading to the store to get some snacks. Mike has $1, Ana has $2, Tiffany has $3, Josh has $4, and Annie has $5.
What's the average (mean) amount of cash the five kids have? What's the median? Show all your work, calculations.
A few days later, Annie's family won the lottery, and the kids go together to the store to get some snacks again. This time Mike has $1, Ana has $2, Tiffany has $3, Josh has $4, and Annie has wad of cash totaling $5,000.
What's the average (mean) amount of cash the five kids have this time? What's the median?
From part a, how have the mean and the median changed? Elaborate on your reasoning.
Which one - the mean or the median - is a better reflection of how much money they have together as a distribution and why is this? Take your time before answering.
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