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Range, Mean, Variance and Standard Deviation of TMV Industries

The annual incomes of the five vice presidents of the TMV Industries are: $125,000;$128,000; $122,000;$133,000: and $140,000. Consider this a population.

a. What is the range?

b. What is the arithmetic mean income?

c. What is the population variance? The standard deviation?

d. The annual incomes of officers of another firm similar to TMV Industries were also studied. The mean was $129,000 and the standard deviation $8,612. Compare the means and dispersions in the two firms.

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Solution Summary

This solution provides step-by-step solutions for finding range, mean, variance, and standard deviation.