To determine the range in profit for the first 7 months of the year, we need to identify the highest and lowest profits during this period and then find the difference between them.
From the given data:
- January: £1040
- February: £1340
- March: £1420
- April: £1100
- May: £1720
- June: £1300
- July: £1600
The highest profit in these months is £1720 (May), and the lowest profit is £1040 (January).
The range in profit is calculated by subtracting the lowest profit from the highest profit:
[tex]\[
1720 - 1040 = 680
\][/tex]
Hence, Megan's report should be completed as follows:
"Profit margins are generally improving. In the first 7 months of the year, the range in profit was £680."
