Question

The weekly salaries of a sample of employees at the local bank are given in the table below. employee weekly salary anja $245 raz $300 natalie $325 mic $465 paul $100 what is the variance for the data? variance: 125.45 12,590 11,990.25 17,507.5

Answer 1

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Explanation:

Answer 2

In statistics, variance is the square of the standard deviation. For this type of having very few number of data points, we use the sample standard deviation. The formula is shown in the picture, where

the numerator shows a summation formula. This means that the square of the difference of every data point with the mean is added. First, let's determine the mean:

Mean = (245+300+325+465+100)/5 =287
Hence, the formula becomes:

s = √{[(245-287)^2 +(300-287)^2 +(325-287)^2 +(465-287)^2 +(100-287)^2]/(5-1)}
s = 132.316
Variance = s^2 = (132.316)^2
Variance = 17,507.5