The College Board website (www.collegeboard.org) reported that the average cost of textbooks and supplies for students attending

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The College Board website (www.collegeboard.org) reported that the average cost of textbooks and supplies for students attending four-year public colleges and universities in the 2015€“16 academic year is $1,298. Suppose a sample of 15 students was selected and the following data reflect the amount they paid for textbooks and supplies during that year:

$1,075 $1,422 $1,185 $1,200 $1,517 $1,371 $1,216 $1,569 $1,372 $1,366 $1,310 $1,388 $1,503 $1,236 $1,531


a. Calculate the mean and standard deviation.
b. Determine the number of standard deviations the most extreme cost is away from the mean. If you were to advise a prospective student concerning the money the student should save to afford the cost of books and supplies for at least 90% of the colleges, determine the amount you would suggest.

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Business Statistics A Decision Making Approach

ISBN: 9780134496498

10th Edition

Authors: David F. Groebner, Patrick W. Shannon, Phillip C. Fry

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