The Kentucky Derby is held the first Saturday in May at Churchill Downs in Louisville, Kentucky. The race track is one and one-quarter miles. The following table shows the winners since 1990, their margin of victory, the winning time, and the payoff on a $2 bet.
a. Determine the mean and median for the variables winning time and payoff on a $2 bet.
b. Determine the range and standard deviation of the variables winning time and payoff on a $2 bet.
c. Refer to the variable winning margin. What is the level of measurement? What measure of location would be mostappropriate?
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