Question

A bank took a random sample on processing time in days for loan approvals: 73, 19, 16, 64, 28, 31,90, 60, 56 and 28 What is the standard deviation of this sample?​

Answer 1

Answer:

The standard deviation of this sample is 25.35

Step-by-step explanation:

Standard deviation for a sample:

Square root of the sum of the squared differences between each value and the mean, and divided by one less than sample size.

Finding the mean:

The mean is the sum of all values divided by the number of values.

In this question, there are 10 values. So

$M = \frac{73+19+16+64+28+31+90+60+56+28}{10} = 46.5$

Standard deviation:

$s = \sqrt{\frac{(73-46.5)^2+(19-46.5)^2+(16-46.5)^2+(64-46.5)^2+(28-46.5)^2+(31-46.5)^2+(90-46.5)^2+(60-46.5)^2+(56-46.5)^2+(28-46.5)^2}{9}} = 25.35$

The standard deviation of this sample is 25.35