The Kentucky derby is held the first Saturday in May at Churchill Downs in Louis

Question

The Kentucky derby is held the first Saturday in May at Churchill Downs in Louisville, KY. The racing 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.
Year Winner Margin Time (Minutes) Payoffs $2 Bets
1990 Unbridled 3.5 2.03333 10.80
1991 Strike the Gold 1.75 2.05000 4.80
1992 Lil E. Tee 1 2.05000 16.80
1993 Sea Hero 2.5 2.04000 12.90
1994 Go for Gin 2 2.06000 9.10
1995 Thunder Gulch 2.25 2.02000 24.50
1996 Grindstone Nose 2.01667 5.90
1997 Silver Charm Head 2.04000 4.00
1998 Real Quiet 0.5 2.03667 8.40
1999 Charismatic Neck 2.05333 31.30
2000 Fusaichi Pegasus 1.5 2.02000 2.30
2001 Monarchos 4.75 1.99667 10.50
2002 War Emblem 4 2.01667 20.50
2003 Funny Cide 1.75 2.01667 12.80
2004 Smarty Jones 2.75 2.06667 4.10
2005 Giacomo 0.5 2.04583 50.30
2006 Barbaro 6.5 2.03933 6.10
2007 Street Sense 2.25 2.03617 4.90
2008 Big Brown 4.75 2.03033 6.80

a. Obtain the mean and median for variables winning time and payoff on a $2 bet.
b. Determine the range and standard deviation of the variables time and payoff.
c. Refer to the variable winning margin. What is the level of measurement? What measure of location would be most appropriate?

Explanation / Answer

A. Find mean: To do this just find the average for each (winning time and payoff). add up all the winning times and divide by the total amount of times. Same for payoff winning time mean : 38.66834/19 = 2.03517 payoff mean : 246.8/19 = 12.99 B. Find Range and Standard Deviation Range is the difference between the highest and lowest values in the set Winning time range : Highest=2.06667 Low=1.99667 2.06667 - 1.99667 = 0.07

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