Question

A company had 15 employees whose salaries are shown below. Find the standard deviation. $7,500 $15,500 $26,400 $10,000 $16,000 $17,800 $7,800 $8,900 $15,200 $20,100 $11,200 $18,100 $23,000 $14,000 $9,600

Answer 1

Answer:

$5,493

Explanation:

Since we know the number of employees, we use the population standard deviation.

(1) Sum up all the salaries [This adds up to $221,100]

(2) Find the mean (Answer in Step 1 divided by the number of employees)

     This is $221,100 / 15 = $14,740

(3) Subtract the mean from each salary and square each of the answers.

(4) Sum up all the squared differences and find the mean

   Sum = $452,596,000

   Mean = $452.596,000 / 15 = $30,173,066.67(This is known as the variance)

(5) Find the square root of the variance

   sq.root of 30,173,066.67 = $5,493