The Kentucky Derby is held the first Saturday in May at Chur

The Kentucky Derby is held the first Saturday in May at Churchill Downs in Louisville, Kentucky. The race track is one and one-quarter miles. The following table shows the winners since 1990, their margin of victory, the winning time, and the payoff on a $2 bet.

29.00        

Determine the mean and median for the variables winning time and payoff on a $2 bet. (Round your winning time mean and median to 4 decimal places and Payoff answers to 2 decimal places.)

Determine the range and standard deviation of the variables winning time and payoff on a $2 bet. (Round your winning time range and standard deviation to 4 decimal places and Payoff answers to 2 decimal places.)

Solution

Let us first separately sort the data of Winning time and Payoff in ascending order in order to get the median as shown below-

2.07176     

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116.2

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Now, we can use the Excel functions \'AVERAGE\' and \'MEDIAN\' to find the mean and the median respectively.

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b)

The range is defined as the difference between the maximum and the minimum value of the data.

So in the excel sheet we just need to take the difference of the first data from the last one to get the range as we have already sorted the data in ascending order. You can also use the MAX and MIN functions to find the maximum and the minimum value of the data and then take their differences to get the range.

The sample standard deviation can be calculated using the function STDEV.S as shown below-