Differentiate the types of mean explained in the video
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Arithmetic Mean
- The most common type of mean.
- Calculated by adding all the values and dividing by the number of values.
Geometric Mean
- Used when values are multiplied or grow exponentially (like interest rates, growth rates)..
Harmonic Mean
- Best used for rates (like speed, efficiency).
Weighted Mean
- Mean where some values contribute more than others (weights).