Standard Deviation of Monthly Income

Consider the following dataset representing the monthly income (in thousands of dollars) of a small group of 10 employees at a company:

4, 5, 6, 5, 7, 8, 7, 10, 10, 13

Using this dataset, calculate the standard deviation of the monthly income. The standard deviation is a measure of the dispersion or spread of the income values around the mean. Use the formula:

$$ ext{Standard Deviation} = ho = an^{-1} igg(\frac{ ext{Sum of squared deviations from the mean}}{n-1}igg) $$

where $n$ is the number of data points in the set.