4.23 The Insurance Institute for Highway Safety (www.iihs

.org, June 11, 2009) published data on repair costs for cars involved in different types of accidents.

In one study, seven different models of mini- and micro-cars were driven at 6 mph straight into a fixed barrier. The following table gives the cost of repairing damage to the bumper for each of the seven models:

Model Repair Cost Smart Fortwo $1,480 Chevrolet Aveo $1,071 Mini Cooper $2,291 Toyota Yaris $1,688 Honda Fit $1,124 Hyundai Accent $3,476 Kia Rio $3,701

a. Compute the values of the variance and standard deviation.

b. The standard deviation is fairly large. What does this tell you about the repair costs?