Question: The U.S. Government Accountability Office recently indicated the price of college textbooks has been rising an average of 6% annually since the late 1980s. 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:
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 the colleges, determine the amount you would suggest.