REVIEW EXERCISES (SET 1)
PROBLEM 1
The distribution for the hourly wages (in dollars) of a random sample of 120 employees at East &
Quant Inc. Records is given by the following table:
Hourly wage
(in dollars)
3.00  4.49
4.50  5.99
6.00  7.49
7.50  8.99
9.00  10.49
TOTAL
Number of
employees
34
28
25
13
20
120
Calculate
(a). The mean hourly wage for the employees at East & Quant Inc. Records.
(b). The variance for the hourly wages of the employees at East & Quant Inc. Records.
(c). The hourly wage above which 19 percent of the employees at East & Quant Inc. Records
earn.
(d). The median hourly wage for the employees at East & Quant Inc. Records.
(e). The standard deviation for the hourly wages of the employees at East & Quant Inc.
Records.
PROBLEM 2
The seven human resources personnel executives in a firm earned the following base annual salaries
(in thousands of dollars): 85, 75, 82, 78, 80, 92, 105.
Calculate
(a). The mean base annual salary for these executives.
(b). The standard deviation for the base annual salary for these executives.
(c). The median base annual salary for these executives.
(d). Interpret the value calculated in part (c).
(e). The modal base annual salary (mode) for these executives.
(f). The variance for the base annual salary for these executives.
(g). Assume that the data have been entered in an EXCEL spreadsheet in cells A1 to A7.
Write the EXCEL line commands that will perform the calculations for parts (a), (b), (c),
(e), and (f).
REVIEW EXERCISES (SET 1)
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PROBLEM 3
The following gasoline sales, in gallons per car served, are obtained from a service station for a
random sample of 6 cars.
35.8, 47.1, 57.4, 16.4, 35.8, 38.3.
Calculate
(a). The average number of gallon sold per car.
(b). The median number of gallon sold per car.
(c). The range for the number of gallon sold per car.
(d). The standard deviation for the number of gallon sold per car.
(e). The modal number of gallon sold per car.
(f). Assume that the data have been entered in an EXCEL spreadsheet in cells A1 to F1.
Write the EXCEL line commands that will perform the calculations for parts (a), (b), (d),
and (e).
PROBLEM 4
The following table summarizes the annual profit (in thousands of dollars) for all the 105 stores that
a supermarket chain has.
Profit
($1,000)
0  14.999
15.000  29.999
30.000  44.999
45.000  59.999
60.000  74.999
TOTAL
Calculate
(a).
(b).
(c).
(d).
(e).
Number
of Stores
21
54
22
5
3
105
The average annual profit of these stores.
The standard deviation for the annual profit of these stores.
The median annual profit of these stores.
The annual profit below which 32% of the stores will make.
Interpret the value calculated in part (d).
REVIEW EXERCISES (SET 1)
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PROBLEM 5
Given the following array
A
12
B
15
C
8
D
12
E
15
F
4
G
8
H
9
I
10
Use your calculator and the appropriate formulas to calculate the results of the following
Microsoft EXCEL® commands:
(a) =AVERAGE(A1:I1)
(b) =MEDIAN(A1:I1)
(c) =VAR.P(A1:I1)
(d) =STDEV.P(A1:I1)
(e) =MAX(A1:I1)–MIN(A1:I1)
(f) =MODE.MULT(A1:I1)
REVIEW EXERCISES (SET 1)
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