Elementary Statistics (12th Edition)

Published by Pearson
ISBN 10: 0321836960
ISBN 13: 978-0-32183-696-0

Chapter 3 - Statistics for Describing, Exploring, and Comparing Data - 3-3 Measures of Variation - Basic Skills and Concepts: 12

Answer

Variance:$4.7664 \cdot10^{13} \ (\$)^2$. Standard deviation:$6,903,911.93 \$$ Range:$19,628,584\$$.

Work Step by Step

By using the results from before: $\mu=12,898,007 \ \$.$ Variance=$\frac{\sum (x-\mu)^2}{n}=\frac{(17,668,241-12,898,007)^2+(1-12,898,007)^2+...+(14,765,410-12,898,007)^2}{5}=4.7664 \cdot10^{13} \ (\$)^2.$ Standard deviation=$\sqrt{variance}=\sqrt{4.7664 \cdot10^{13} \ (\$)^2}=6,903,911.93 \$$ Range=maximum value-minimum value=$19,628,585 \$-1 \$=19,628,584\$$.
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