Question

A luxury apartment complex in South Beach Miami is for sale. The owner has received the following offers in millions of dollars.

Answer 1

Answer:

(1) The sample mean of the offers is 70.0

(2) The sample variance of the offers is 68

Step-by-step explanation:

(1) Sample mean = summation of offers ÷ number of offers = (64+72+66+58+78+82) ÷ 6 = 420 ÷ 6 = 70.0 (to one decimal place)

(2) Sample variance = summation (offers - sample mean)^2 ÷ number of offers = [(64-70)^2 + (72-70)^2 + (66-70)^2 + (58-70)^2 + (78-70)^2 + (82-70)^2] ÷ 6 = (36+4+16+144+64+144) ÷ 6 = 408 ÷ 6 = 68