The following sample represents the income of 10 Canadian households, in thousands of dollars.
46.5, 48.7, 49.5, 51.6, 52.1, 52.2, 52.4, 52.9, 53.4, 64.5
a) (2 marks) Determine the median household income for the sample data.
b) (4 marks) Determine the mean and the standard deviation of the sample data.
c) (2 marks) Determine the actual percentage of observation in the data set which falls within two sample standard deviations of the sample mean.
d) (2 marks) Suppose for the following year the annual household income increased by 2.8%. What will be the mean and standard deviation of the new sample data?