Help using the covariance and standard deviation to find the correlation?

Question

If the covariance between oil and gasoline prices is $2.2$ and the standard deviation of gas price is $0.35$ while the standard deviation of oil price is $10.1$, what is the correlation between oil and gas prices?

We are just now learning about this stuff in our statistics class but I wanted to know if I was solving this question correctly. For this question I took the covariance of $2.2$ and divided it by $(.35)(10.1)$ to get my answer.

$\dfrac{2.2}{(0.35)(10.1)} = 0.6223479491$

which I would then round to $3$ decimal places to get my final answer which is then $=0.622$

Is this the correct way to do this?

Answer 1

Correlation is covariance divided by standard deviations. So what you are doing seems correct. More on wiki about correlation.

Answer 2

The answer to this problem is .622 as stated above as the above method of solving the problem is correct and thus so is the answer