SOLUTION: To qualify for a mortgage, an applicant needs to have a good FICO credit score. We chose a random sample of 5 applicants from a local bank, and their FICO scores are 760, 700, 820,

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Question 1047447: To qualify for a mortgage, an applicant needs to have a good FICO credit score. We chose a random sample of 5 applicants from a local bank, and their FICO scores are 760, 700, 820, 580 and 620.
What is the standard deviation of the FICO scores in the sample? Please show your intermediate calculation
FICO Score x x^2 x-mean (x-mean)^2
760
700
820
580
620

I'm a little lost on this any help would be greatly appreciated, thank you!
Answer by ewatrrr(24785)   (Show Source): You can put this solution on YOUR website!


Hi  

Excel Spreadsheet

	mean   (x-mean) (x-µ)^2

760	656	104	10816

700	656	44	1936

820	656	164	26896

580	656	-76	5776

620	656	-36	1296

3480			46720

696		46720/4	11680 Variance - small sample: divide by (5-1)

	sqrt(11680)	108.07 Standard Deviation

s = 108.1 round to one decimal point (one more than sample data)

 

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