Essential quantitative concepts, formulas, and problem-solving strategies for GRE preparation
20 cards
Front
What is the formula for the average (arithmetic mean) of a set of numbers?
Back
Average = (Sum of all values) / (Number of values). For example, the average of 4, 8, and 12 is (4 + 8 + 12) / 3 = 24 / 3 = 8. The mean is sensitive to extreme values (outliers).
Front
How do you find the median of an odd-sized dataset?
Back
Arrange all values in ascending order; the median is the middle value. For 3, 7, 9, 12, 15: the median is 9 (position 3 of 5). Formula: position = (n + 1) / 2.
Front
How do you find the median of an even-sized dataset?
Back
Arrange values in ascending order; the median is the average of the two middle values. For 3, 7, 10, 14: median = (7 + 10) / 2 = 8.5.
Front
Define mode and range in descriptive statistics.
Back
Mode: the value that appears most frequently (a dataset can have multiple modes or no mode). Range: the difference between the maximum and minimum values (Range = Max - Min).
Front
What is the difference between simple interest and compound interest formulas?
Back
Simple Interest: I = P × r × t (Principal times rate times time). Compound Interest: A = P(1 + r/n)^(nt), where n is compounding frequency per year. Compound interest grows faster over time.
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