Understanding Standard Deviation in Household Expenditures

Very Hard Data Analysis Descriptive Statistics

A recent study collected data on the monthly expenditures of a group of 100 households. The mean expenditure was reported as $600, and the standard deviation was $150. Additionally, it was noted that 15 households spent more than $900 monthly and 10 households spent less than $300 monthly.

Which of the following is the best interpretation of the standard deviation in this context?

The majority of households spent more than $600.

Approximately 68% of the households spent between $450 and $750.

More than half of the households spent within $150 of the mean.

The expenditures are spread evenly across the range.

Hint

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