How to tell if ratios are equivalent.
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Answer:
The maximum possible amount that could be awarded under the two-deviation rule is $ 1.883 Million.
Step-by-step explanation:
In order to find the maximum possible amount of the award, the formula is given as
Here
is the mean of the samples and is given as
s is the standard deviation which is given as
Putting values as
Substituting the values in the equation of mean is as
Where as standard deviation is given as
Putting this in the equation of maximum amount gives
So the maximum possible amount that can be awarded in this case is 1883.04 thousand dollars or $ 1.883 Million. This value is less than the previously maximum value which is $3.5 million.