Do you want to own your own candy store? Wow! With some interest in running your own business and a decent credit rating, you can probably get a bank loan on startup costs for franchises such as Candy Express, The Fudge Company, Karmel Corn, and Rocky Mountain Chocolate Factory. Startup costs (in thousands of dollars) for a random sample of candy stores are given below. Assume that the population of x values has an approximately normal distribution.

Question

94 177 127 94 75 94 116 100 85
(a) Use a calculator with mean and sample standard deviation keys to find the sample mean startup cost x and sample standard deviation s. (Round your answers to one decimal place.)
x = thousand dollars
s = thousand dollars

Answer 1

I don't have a calculator with those keys, but here is what you can do.

Find the mean first = sum of scores/number of scores

Subtract each of the scores from the mean and square each difference. Find the sum of these squares. Divide that by the number of scores to get variance.

Standard deviation = square root of variance

I'll let you do the calculations.