Question

4. The Philadelphia office of Price Waterhouse Coopers LLP hired five accounting trainees this year. Their monthly starting salaries were: $3,536; $3,173; $3,448; $3,121; and $3,622 (10 marks) (a) Compute the population mean. (b) Compute the population variance. (c) Compute the population standard deviation. (d) The Pittsburgh office hired six trainees. Their mean monthly salary was $3,550, and the standard deviation was $250. Compare the two groups.

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Answer 1

4.

a)

The population mean comes out to be $3,380.

b)

The population variance comes out to be $39,490.8.

c)

The population standard deviation comes out to be $198.7.

d)

The mean is $3550 and the standard deviation is $250.

But for the data given, the mean is $3,380 and Standard deviation is $198.7.

Which tells us that the mean for out data is almost the same as given in the part d, but the variation in the part d data is more than that of the given data above.

3536 3173 3448 3121 3622 Population mean population variance population S.D 3380 AVERAGE(C3:07) 39490.8 VAR.P(C3:07) 198.7 STDEV.P(C3:07)