To calculate the sample mean, sample variance, and sample standard deviation in Excel, follow these steps:

Step 1: Input the Data

1. Open Excel.
2. In column A (or any column), input the saving account balances for each student:
   • A1: 105
   • A2: 123
   • A3: 116
   • A4: 65
   • A5: 75
   • A6: 99
   • A7: 138

Step 2: Calculate the Sample Mean

1. In an empty cell (e.g., B1), enter the formula to calculate the sample mean:

   =AVERAGE(A1:A7)
   

2. Press Enter. The cell will display the mean of the sample data.

Step 3: Calculate the Sample Variance

1. In another empty cell (e.g., B2), enter the formula for the sample variance:

   =VAR.S(A1:A7)
   

2. Press Enter. This will compute the sample variance.

Step 4: Calculate the Sample Standard Deviation

1. In a third cell (e.g., B3), enter the formula for the sample standard deviation:

   =STDEV.S(A1:A7)
   

2. Press Enter. This will display the sample standard deviation.

Explanation:

• Sample Mean is the average value of the dataset.
• Sample Variance measures the spread of the data points from the mean. It gives an idea of how much variability is in the sample.
• Sample Standard Deviation is the square root of the sample variance and represents the dispersion of the data relative to the mean in the same units as the data.

Would you like more detailed information on any of these steps?

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Here are 5 related questions:

1. How do you calculate the population mean in Excel?
2. What is the difference between sample variance and population variance in Excel?
3. Can you explain how to use Excel’s Data Analysis Toolpak to compute these statistics?
4. How would you interpret the results of the standard deviation in real-world terms?
5. What is the impact of outliers on mean and standard deviation?

Tip: Always remember to use VAR.S and STDEV.S for sample data, and VAR.P and STDEV.P for population data.