The monthly rents for the apartments in a building are listed below. $425, $550, $550, $550, $650, $650, $650, $650, $800, $900
Part A: Find the mean$637.50
median=$650
mode=$650
range=$475
and standard deviation of the rents????
To find the standard deviation of the rents, you can follow these steps:
1. Calculate the mean (average) of the rents:
- - Sum up all the rents: $425 + $550 + $550 + $550 + $650 + $650 + $650 + $650 + $800 + $900 = $6375
- - Divide the sum by the number of rents: $6375 / 10 = $637.50
2. Calculate the variance by finding the squared difference between each rent and the mean, summing them up, and dividing by the number of rents:
- - Calculate the squared difference for each rent:
- - For $425: ($425 - $637.50)^2 = $159,062.50
- - For $550: ($550 - $637.50)^2 = $7,562.50
- - For $550: ($550 - $637.50)^2 = $7,562.50
- - For $550: ($550 - $637.50)^2 = $7,562.50
- - For $650: ($650 - $637.50)^2 = $15,062.50
- - For $650: ($650 - $637.50)^2 = $15,062.50
- - For $650: ($650 - $637.50)^2 = $15,062.50
- - For $650: ($650 - $637.50)^2 = $15,062.50
- - For $800: ($800 - $637.50)^2 = $26,562.50
- - For $900: ($900 - $637.50)^2 = $70,312.50
- - Sum up the squared differences: $159,062.50 + $7,562.50 + $7,562.50 + $7,562.50 + $15,062.50 + $15,062.50 + $15,062.50 + $15,062.50 + $26,562.50 + $70,312.50 = $339,062.50
- - Divide the sum by the number of rents: $339,062.50 / 10 = $33,906.25
3. Finally, calculate the standard deviation by taking the square root of the variance:
- - √($33,906.25) = $184.10
Therefore, the standard deviation of the rents is approximately $184.10.