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In: Economics

an insurance company crashed four cars in succession at 5 miles per hour. the cost of...

an insurance company crashed four cars in succession at 5 miles per hour. the cost of repair for each of the four crashes was $428, $463, $413, $230. Compute the range, sample variance and the sample standard devition cost of repair

Solutions

Expert Solution

Range = Highest value - Lowest value = 463 - 230 = $ 233

Mean of sample = Sum of observations / Total number of observations = (428 + 463 + 413 + 230)/4 = 1534/4 = 383.5

Sample variance =

xi is the values of observations

is the mean of sample

N is the total number of observations

Sample variance = [(428 - 383.5)2 + (463 - 383.5)2 + (413 - 383.5)2 + (230 - 383.5)2] / (4 - 1)

= (1980.25 + 6320.25 + 870.25 + 23562.25) / 3 = 32733/3 = 10911

Sample standard deviation = = = 104.455

Rahul Sunny answered 2 years ago
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