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?

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 - 2SD and Mean + 2SD
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!

orchestra answered 2 years ago

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