Reference no: EM13245878

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.)