Use the range rule of thumb to estimate the standard deviations for the waiting times at Big Bank and Best Bank. Compare the estimates to the actual values found in Example 4.

Data From Example 4:-

Calculate the standard deviations for the waiting times at Big Bank and Best Bank?

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Calculating the Standard Deviation To calculate the standard deviation for any data set: Step 1. Compute the mean of the data set. Then find the deviation from the mean for every data value by subtracting the mean from the data value. That is, for every data value, deviation from mean = data value mean Step 2. Find the squares (second power) of all the deviations from the mean. Step 3. Add all the squares of the deviations from the mean. Step 4. Divide this sum by the total number of data values minus 1. Step 5. The standard deviation is the square root of this quotient. Overall, these steps produce the standard deviation formula: sum of (deviations from the mean) standard deviation = total number of data values - 1