In: Finance
Because of advancements in communication and information technologies, workers are increasingly able to work from home. The following grouped frequency distribution gives the number (in millions) of employed people who work at home for various age groups in a certain year. Complete parts (a) and (b). |
Age (in years) |
Midpoint, x |
Frequency, f |
---|---|---|---|
15-24 |
19.5 |
0.5 |
|
25-34 |
29.5 |
1.4 |
|
35-44 |
39.5 |
2.4 |
|
45-54 |
49.5 |
2.5 |
|
55-64 |
59.5 |
2.0 |
|
Over 65 |
69.5 |
1.0 |
(a) Find the mean age of employed people who work at home.
The mean is
nothing.
(Type an integer or decimal rounded to the nearest tenth as needed.)
(b) Find the standard deviation.
The standard deviation is
nothing.
(Type an integer or decimal rounded to the nearest tenth as needed.)
Age | Mid Point (x) | Frequency (f) | fx | (x - Mean) | (x - Mean)^2 | |
15-24 | 19.5 | 0.5 | 9.75 | -27.24 | 742.28 | |
25-34 | 29.5 | 1.4 | 41.3 | -17.24 | 297.39 | |
35-44 | 39.5 | 2.4 | 94.8 | -7.24 | 52.49 | |
45-54 | 49.5 | 2.5 | 123.75 | 2.76 | 7.59 | |
55-64 | 59.5 | 2 | 119 | 12.76 | 162.69 | |
Over 65 | 69.5 | 1 | 69.5 | 22.76 | 517.79 | |
9.8 | 458.1 | 1,780.24 |
Mean = Sum(fx) / Sum(f) |
Mean = 458.1 / 9.8 |
Mean Age = 46.7449 years |
Variance = (x - Mean)^2 / Sum(f) |
Variance = 1,780.24 / 9.8 |
Variance = 181.66 |
Standard Deviation = Variance^(1/2) |
Standard Deviation = 181.66^(1/2) |
Standard Deviation = 13.48 |