To find out the mean, standard deviation and range.
Descriptive Statistics.
The Range Rule of Thumb can be used to calculate quickly an approximate standard deviation for a raw data set. To apply the rule, follow the steps below:
(i)Find out the lowest and highest values.
(ii) estimate the range.
(iii) Divide the range by 4.
The reason why we finish our calculation by dividing range by 4 is that in most data sets 95% of the data values fall within two standard deviations of the mean.
Find the approximate standard deviation, s, for the following set of listed home selling prices. Show your method. Do not use Excel.
|
$125,500
|
$131,900
|
$188,900
|
|
$205,750
|
$181,500
|
$175,000
|
|
$144,800
|
$250,000
|
$235,850
|
|
$225,000
|
$248,500
|
$435,000
|
|
$457,500
|
$166,900
|
$399,000
|
|
$350,000
|
$221,000
|
$168,000
|
|
$325,000
|
$112,900
|
$145,600
|
|
$220,500
|
$140,000
|
$179,900
|
|
$125,900
|
$230,850
|
$385,000
|
|
$287,500
|
$121,900
|
$405,900
|