Question

In: Statistics and Probability

Jan 523.9 Feb 510.23 March 545.65 April 514.23 May 550.71 June 505.34 July 525.34 August 600...

Jan 523.9
Feb 510.23
March 545.65
April 514.23
May 550.71
June 505.34
July 525.34
August 600
Sept. 569.42
October 500.2
Novem. 533.12
December

507.11

What percentage of your bills are within two standard deviations of the mean?

Solutions

Expert Solution

The answer is:

First, we calculate the mean, standard deviation. Then we calculate the upper and lower limits of the 2 SD of the mean as shown below:

Mean 532.1041667
SD 29.85258675
Mean - 2*SD 472.40
Mean + 2*SD 591.81

Then test whether individual values are within this interval or not:

Month Amount Is between Mean - 2*SD and Mean + 2*SD
Jan 523.9 TRUE
Feb 510.23 TRUE
Mar 545.65 TRUE
Apr 514.23 TRUE
May 550.71 TRUE
Jun 505.34 TRUE
Jul 525.34 TRUE
Aug 600 FALSE
Sep 569.42 TRUE
Oct 500.2 TRUE
Nov 533.12 TRUE
Dec 507.11 TRUE

Then ratio is simply 11/12

Using excel to answer the same:

Calulations:

Let me know in the comments if anything is not clear. I will reply ASAP! Please do upvote if satisfied!


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