The U.S. Government Accountability Office recently indicated the price of colleg

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, full-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 1119.17 877.27 856.87 739.91 963.79 847.92 1393.81 524.68 1012.91 1176.46 944.60 708.26 1074.35 778.87 967.91 562.55 789.50 1051.65

a. Calculate the mean and standard deviation.

b. 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 the colleges, determine the amount you would suggest.

Explanation / Answer

P( z> z ) = 0.10

z=1.28

1.28 = ( x - 898.03 ) / 222.79

x = 1183.2012

537.51 1032.52 1119.17 877.27 856.87 mean 898.0255 739.91 SD 222.794862 963.79 847.92 1393.81 524.68 1012.91 1176.46 944.6 708.26 1074.35 778.87 967.91 562.55 789.5 1051.65

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