Reference no: EM13580708

Question: The U.S. Government Accountability Office recently indicated the price of college textbooks has been rising an average of 6% annually since the academic year 1987-1988. The report estimated that the average cost of books and supplies for first-time students at four-year public universities for the academic year had reached $898. A data set that would produce this average follows:

537.51   1032.52   1119.17   877.27    856.87   739.91   963.76
847.92   1393.81   524.68    1012.91   1176.46  944.60   708.26
1074.35  778.78    967.91    562.55     789.50   1051.65

a) Calculate the mean and standard deviation.

b) Determine the number of standard deviations the most extreme cost is away from the mean. If you were to advise a prospective student concerning the money the student should save to afford the cost of books and supplies for at least 90% of colleges, determine the amount you would suggest. (Hint: Don't forget the yearly inflation of cost of books and supplies.)