Essentials of Statistics (5th Edition)

Published by Pearson
ISBN 10: 0-32192-459-2
ISBN 13: 978-0-32192-459-9

Chapter 3 - Statistics for Describing, Exploring, and Comparing Data - 3-3 Measures of Variation - Page 108: 12

Answer

Variance:$5.958 \cdot10^{13} \ (\$)^2$. Standard deviation:$7,719,020 \$$ Range:$19,628,584\$$.

Work Step by Step

The mean can be counted by summing all the data and dividing it by the number of data:$\frac{ 17,688,241+1+19,628,585+12,407,800+14,765,710} {5}=12,898,007.$$\mu=12,898,007 \ \$.$ Variance=$\frac{\sum (x-\mu)^2}{n}=\frac{(17,668,241-12,898,007)^2+(1-12,898,007)^2+...+(14,765,410-12,898,007)^2}{5}=5.958 \cdot10^{13} \ (\$)^2.$ Standard deviation=$\sqrt{variance}=\sqrt{5.958 \cdot10^{13} \ (\$)^2}=7,719,020 \$$ Range=maximum value-minimum value=$19,628,585 \$-1 \$=19,628,584\$$.
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