A financially-strapped university is considering several schemes for revising its financial aid system. The following three schemes are suggested. Determine in each case how the suggested revision would affect each of the following measures (in dollars):

i. The mean financial aid award

ii. the variance of financial aid awards

iii. the standard deviation of financial aid awards iv. the median financial aid award

v. the range of financial aid awards

a. Each student on financial aid will get a 5% decrease in aid.

b. Each student on financial aid will get a $100 decrease in aid.

c. The number of students at each level of financial aid will be decreased by 5%.