Question

The weekly salaries of a sample of employees at the local bank are given in the table below. Employee Weekly Salary Anja $245 Raz $300 Natalie $325 Mic $465 Paul $100 What is the variance for the data? Variance: mc006-1.jpg

Answer 1

1st Step - Find the mean (average):
245 + 300 + 325 + 465 + 100 = 1435
1435/5 = 287 ( mean)

2nd step find the sun of the sqaure the difference between the gievn data and the mean

287 - 245 = 42^2 = 1,764
300 - 387 = 13^2 = 169
325-287 = 38^2 = 1,444
465 - 287 = 178^2 = 31,684
287 - 100 = 187^2 = 34,969

1,764 +169 + 1,444 + 31,684 + 34,969 = 70,030

Now divide that by the number of samples minus 1 ( 5-1=4)

70,030 / 4 = 17,507.5

 The variance = 17, 507.5