Use the Range Rule of Thumb to Approximate the Standard

question 223

Multiple Choice

Use the range rule of thumb to approximate the standard deviation.
-The maximum value of a distribution is 18.1 and the minimum value is 5.5. Round results to the nearest tenth.

• A)14.2
• B)3.2
• C)0.2
• D)8.2

---

Definitions:

After Tax Profits

The net income a company retains after all its tax obligations have been settled.

Expected Cost

The forecasted cost of an action or decision, taking into account all known risks and uncertainties.

Expected Value

A statistical concept that calculates the average outcome of a random event when the process is repeated many times.

Wager Amount

The sum of money placed in a bet on the outcome of an event with an uncertain result.