Answered: 6. The monthly incomes for 12…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

The monthly incomes for

randomly selected people, each with a bachelor's degree in economics, are shown on the right. Complete parts (a) through (c) below.

Assume the population is normally distributed.

4450.14	4596.62	4366.84
4455.36	4151.16	3727.41
4283.93	4527.14	4407.35
3946.01	4023.61	4221.66

(a) Find the sample mean.

Features Features Normal distribution is characterized by two parameters, mean (µ) and standard deviation (σ). When graphed, the mean represents the center of the bell curve and the graph is perfectly symmetric about the center. The mean, median, and mode are all equal for a normal distribution. The standard deviation measures the data's spread from the center. The higher the standard deviation, the more the data is spread out and the flatter the bell curve looks. Variance is another commonly used measure of the spread of the distribution and is equal to the square of the standard deviation.

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