An insurance firm would like to study the time it takes until an insurance policy is approved (processing time). A sample of 7 approved policies was selected, and the following processing times in days for each policy were recorded as follows: 16 64 31 73 19 28 (a) Compute the standard deviation and interquartile range. Compute the coefficient of variation. (b) 90

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An insurance firm would like to study the time it takes until an insurance policy is
approved (processing time). A sample of 7 approved policies was selected, and the
following processing times in days for each policy were recorded as follows:
31
73
19
16
64
28
(a) Compute the standard deviation and interquartile range.
Compute the coefficient of variation.
(b)
90
Transcribed Image Text:An insurance firm would like to study the time it takes until an insurance policy is approved (processing time). A sample of 7 approved policies was selected, and the following processing times in days for each policy were recorded as follows: 31 73 19 16 64 28 (a) Compute the standard deviation and interquartile range. Compute the coefficient of variation. (b) 90
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