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While the housing market is in recession and is not likely to emerge anytime soon, real estate investment in college towns continues to promise good returns (The Wall Street Journal, September 24, 2010). Marcela Treisman works for an investment firm in Michigan. Her assignment is to analyze the rental market in Ann Arbor, which is home to the University of Michigan. She gathers data on monthly rent for 2011 along with the square footage of 40 homes. The data, labeled Ann Arbor Rental, can be found on the text website.

Monthly Rent	Square Footage	Monthly Rent	Square Footage
645	500	1084	1163
675	648	1100	1020
760	700	1100	1150
800	903	1185	1225
820	817	1245	1368
850	920	1275	1400
855	900	1275	1350
859	886	1400	1185
900	1000	1450	1200
905	920	1500	1412
905	876	1518	1700
929	920	1600	1440
960	975	1635	1460
975	1100	1635	1460
990	940	1650	1170
995	1000	1750	1944
1029	1299	1950	2265
1039	1164	1975	1700
1049	1180	2200	4319
1050	1162	2400	2700

a.	Use Excel to calculate the mean and standard deviation for monthly rent. (Round your answers to 2 decimal places.)

Mean
Standard deviation

b.	Use Excel to calculate the mean and standard deviation for square footage. (Round your answers to 2 decimal places.)

Mean
Standard deviation

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