Question

Use the information below to answer the PHARMACY questions that follow.

The following are the amounts (in dollars) that patients spent at the hospital pharmacy.

62.77 , 85.74 , 81.74 , 83.80 , 90.74 , 51.07 , 41.28 , 24.70 , 86.42 , 63.47 , 73.58 , 37.55
What are the mean and standard deviation of the sample?

Answer 1

To calculate the mean and standard deviation, sum the observations to find the mean, then for the standard deviation, find the squared deviations, sum, divide by n-1, and take the square root.

Step-by-step explanation:

To calculate the mean and standard deviation of a sample, you first sum all the observations and divide by the number of observations for the mean, and then for the standard deviation, you find each observation's variance from the mean, square it, sum these, divide by (n-1) where n is the number of observations, and take the square root of this result.

Steps to Calculate the Mean:

1. Add up all the amounts together to get the total.
2. Divide the total by the number of amounts to get the mean.

Steps to Calculate the Standard Deviation:

1. After finding the mean, subtract the mean from each amount to find the deviation for each amount.
2. Square each deviation.
3. Sum all the squared deviations.
4. Divide by the number of amounts minus one to get the variance.
5. Take the square root of the variance to get the standard deviation.