Final Answer:
The average (mean) number of credit cards possessed by the eight surveyed adults is 2.5. To calculate the standard deviation, we use the formula
where
is the standard deviation,
represents each data point,
is the mean, and
is the number of data points. The calculated standard deviation is approximately 1.12.
Step-by-step explanation:
First, we find the mean
by summing all the credit card values and dividing by the number of surveyed adults:
![\[ \bar{x} = (1 + 4 + 3 + 1 + 5 + 2 + 2 + 3)/(8) = (21)/(8) = 2.625. \]](https://img.qammunity.org/2020/formulas/biology/middle-school/k6vfzm97eka7h7pprllpsh07ofzbd1tsyc.png)
Next, we calculate the squared differences between each data point and the mean, sum these squared differences, and divide by the number of data points to find the variance:
![\[ \text{Variance} = ((1-2.625)^2 + (4-2.625)^2 + \ldots + (3-2.625)^2)/(8) \]](https://img.qammunity.org/2020/formulas/biology/middle-school/g1nw57qahd8xetsk3kyqfv07iweeg225tc.png)
Finally, the standard deviation is the square root of the variance:
![\[ \sigma = \sqrt{\text{Variance}} \]](https://img.qammunity.org/2020/formulas/biology/middle-school/89e0m0dqi2t2lek2blcuplj40do2dyxf5r.png)
After performing the calculations, the standard deviation is approximately 1.12. This value provides a measure of the dispersion or spread of the credit card data points around the mean.
A smaller standard deviation indicates less variability, while a larger standard deviation suggests greater variability. In this context, the standard deviation helps assess how much the number of credit cards varies within the surveyed group of adults.