Question

In: Finance

Because of advancements in communication and information​ technologies, workers are increasingly able to work from home....

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.)

Solutions

Expert Solution

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

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