The monthly rents for the apartments in a
Business 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???
variance = n*(mean of squares) - (square of mean)
std = sqrt(variance) = 128.087
Are my other answers right?
Yes, they are all correct!
Thank you mathmate!!!!!
You're welcom!
To find the standard deviation of the rents, you can follow these steps:
Step 1: Calculate the mean (average) of the rents.
In this case, the mean is calculated by adding up all the rents and dividing by the number of rents:
Mean = (425 + 550 + 550 + 550 + 650 + 650 + 650 + 650 + 800 + 900) / 10 = 637.50
Step 2: Calculate the deviations of each rent from the mean.
Deviation is the difference between each rent and the mean.
Deviation = Rent - Mean
Deviations = (425 - 637.50, 550 - 637.50, 550 - 637.50, 550 - 637.50, 650 - 637.50, 650 - 637.50, 650 - 637.50, 650 - 637.50, 800 - 637.50, 900 - 637.50)
Deviations = (-212.50, -87.50, -87.50, -87.50, 12.50, 12.50, 12.50, 12.50, 162.50, 262.50)
Step 3: Square each deviation.
Square each deviation to eliminate negative values and make all values positive:
Squared deviations = (-212.50)^2, (-87.50)^2, (-87.50)^2, (-87.50)^2, (12.50)^2, (12.50)^2, (12.50)^2, (12.50)^2, (162.50)^2, (262.50)^2
Squared deviations = (45,062.50, 7,656.25, 7,656.25, 7,656.25, 156.25, 156.25, 156.25, 156.25, 26,562.50, 68,906.25)
Step 4: Find the mean of the squared deviations.
Mean of squared deviations = Sum of squared deviations / Number of rents
Mean of squared deviations = (45,062.50 + 7,656.25 + 7,656.25 + 7,656.25 + 156.25 + 156.25 + 156.25 + 156.25 + 26,562.50 + 68,906.25) / 10
Mean of squared deviations = 177,468.75 / 10 = 17,746.88
Step 5: Take the square root of the mean of the squared deviations.
Standard deviation = Square root of Mean of squared deviations
Standard deviation = Square root of 17,746.88
Using a calculator, the standard deviation is approximately $133.13