In statistics, variance is the square of the standard deviation. For this type of having very few number of data points, we use the sample standard deviation. The formula is shown in the picture, where
the numerator shows a summation formula. This means that the square of the difference of every data point with the mean is added. First, let's determine the mean:
Mean = (245+300+325+465+100)/5 =287
Hence, the formula becomes:
s = √{[(245-287)^2 +(300-287)^2 +(325-287)^2 +(465-287)^2 +(100-287)^2]/(5-1)}
s = 132.316
Variance = s^2 = (132.316)^2
Variance = 17,507.5
