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Question
An investor buys ₹ 1,500 worth of shares in a company each month. During the first four months, he bought the shares at a price of ₹ 10, ₹ 15, ₹ 20 and ₹ 30 per share. What is the average price paid for the shares bought during these four months? Verify your result.
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Solution
To find the average price for shares, we have to find the harmonic mean
∴ Harmonic mean = `"n"/(1/"a" + 1/"b" + 1/"c" + 1/"d")`
= `4/(1/10 + 1/15 + 1/20 + 1/30)`
= `4/((6 + 4 + 3 + 2)/60)`
= `4/(15/60)`
= `4/0.25`
= 16
∴ HM = 16
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