Question 1

a)An investigator took a random sample of Chief Financial Officers (CFOs) of public listed firms in Singapore, recorded their annual salaries and found that the salary distribution was skewed to the right. She then proceeded to calculate three measures of location for this data, namely the mean, median and mode. The mean was found to be SGD ($) 230,000.35 with a standard deviation of SGD ($) 50,000.85 but the mode was not available.

i. You are required to state and explain which you expect to have a larger value: their mean annual salary or their median annual salary.

ii. Explain whether the mode will make a good measure of location of annual salaries and why it may not show up in standard computer output.

iii.Interpret the value for the standard deviation of annual salaries of CFOs in Singapore.

iv. Explain why the coefficient of variation can be a better measure of dispersion incertain circumstances.

b)Take 50 observations at random ranged from (117- 254). Make a grouped frequency distribution. Find the 6^th decile and 67^th percentile.