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QUESTION Using Excel, what is the standard deviation for the following set of salaries: $20,000, $22,000,...

QUESTION

  1. Using Excel, what is the standard deviation for the following set of salaries: $20,000, $22,000, $24,000, $26,000, $28,000, $30,000, $32,000, $34,000, $36,000, $38,000

    A.

    $3,505.23
    B.

    $4,502.50
    C.

    $5,065.20
    D.

    $6,055.30

QUESTION

  1. What is the weighted average for the following set of salaries and their given frequencies, as shown in parentheses:

    Salary A: $22,000 (4), Salary B: $22,000 (3), Salary C: $24,000 (6), Salary D: $26,000, (4), Salary E: $28,000 (5), Salary F: $30,000 (7), Salary G: 32,000 (5), Salary H: $34,000 (6), Salary I: $36,000 (3), Salary J: $38,000 (5)

    A.

    $28,192.76
    B.

    $29,291.67
    C.

    $32,996.71
    D.

    $30,967.12
business   Operations-Management   
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Homework Answers

Answer #1

The following questions can be solved using simple formulas and calculations in Excel.

Ans 1)

Formulation of table

Formula used

The formula that was used to calculate the standard deviation in Excel is STDEV(). The standard deviation of the set of salaries is $6055.30. Hence option D is correct.

Ans 2)

To find the weighted average, we first need to calculate the sum of the products of the salary values and their corresponding frequencies. This sum of products is divided by the sum of the frequencies. The resulting value is the weighted average of the salaries.

Formulation of table

Formulas used

The weighted average value is $29,291.67

Hence the correct answer is option B.

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