Question

The following data for a random sample of banks in two cities represent the ATM fees for using another bank's ATM. Compute the sample variance for ATM fees for each city.City A1.25 1.00 1.50 1.25 1.50City B2.50 1.25 1.00 0.00 2.00The variance for city Ais $(Round to the nearest cent as needed.)

Answer 1

City A (n = 5)

1.25 1.00 1.50 1.25 1.50

City B

2.50 1.25 1.00 0.00 2.00

The variance formula is:

So, the mean A is:

(1.25 + 1.00 + 1.50 + 1.25 + 1.50)/5 = 1.30

The variance for city A is:

s²_A = 0.04

For city B:

Mean B = 1.35

The variance for city B is:

s²_B = 0.92