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Statistical Techniques in Business and Economics | 15th Edition | ISBN: 9780073401805 | Authors: Douglas Lind, William Marchal, Samuel Wathen
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Merrill Lynch recently completed a study regarding the size of online investment

Chapter 0, Problem 43

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QUESTION:

Merrill Lynch recently completed a study regarding the size of online investment portfolios (stocks, bonds, mutual funds, and certificates of deposit) for a sample of clients in the 40- to 50-year-old age group. Listed following is the value of all the investments in thousands of dollars for the 70 participants in the study.

a. Organize the data into a frequency distribution. How many classes would you suggest? What value would you suggest for a class interval?

b. Draw a histogram. Interpret your result

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QUESTION:

Merrill Lynch recently completed a study regarding the size of online investment portfolios (stocks, bonds, mutual funds, and certificates of deposit) for a sample of clients in the 40- to 50-year-old age group. Listed following is the value of all the investments in thousands of dollars for the 70 participants in the study.

a. Organize the data into a frequency distribution. How many classes would you suggest? What value would you suggest for a class interval?

b. Draw a histogram. Interpret your result

ANSWER:

Step 1 of 3

(a) Let  represent the number of classes and  the number of observations. We then choose  to be equal to the smallest integer  such that .

In this case, we have 70 data values. Since  and  is the smallest integer  such that  70 and thus we require 7 classes.

The class width is the difference between the highest and lowest value, divided by the number of classes.

We round the class width to 150 such that we have a number that is easy to work with.

Similarly, we start the first class from 0 such that we obtain classes that are easy to work with.

The frequency is the number of values that fall within the class boundaries/limits.

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