Assignment:
Consider interest rates on accounts at a sample of local banks:
3.00%, 4.50%, 4.90%, 3.50%, 4.75%, 3.50%, 3.50%, 4.25%, 3.75%, 4.00%
a. Find the standard deviation of these interest rates.
b. What does this standard deviation tell you about banks in this area?
Provide complete and step by step solution for the question and show calculations and use formulas.