By using the formula of mean we get, =50∑xi=15⇒∑xi=750
Now variance=50∑xi2−152=22⇒∑xi2=11450
⇒(new)∑xi=50×16=800
So, (new)∑xi−∑xi=800−750=50
Hence, if wrong observation was x then corrected one is x+50.
⇒x+(x+50)=70⇒x=10
Therefore, the correct observation =60.
Now, (new)∑xi2=11450−(10)2+(60)2=14950
Therefore, variance of the correct set =5014950−(16)2=299−256=43.