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Basic Statistics for Business and Economics | 7th Edition | ISBN: 9780077384470 | Authors: Douglas Lind; William Marchal; Samuel Wathen
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Midland National Bank selected a sample of 40 student

Chapter 2, Problem 40E

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QUESTION:

Midland National Bank selected a sample of 40 student checking accounts. Below are their end-of-the-month balances.

\(\begin{array}{rrrrrrrrrr}
\$ 404 & \$ 74 & \$ 234 & \$ 149 & \$ 279 & \$ 215 & \$ 123 & \$ 55 & \$ 43 & \$ 321 \\
87 & 234 & 68 & 489 & 57 & 185 & 141 & 758 & 72 & 863 \\
703 & 125 & 350 & 440 & 37 & 252 & 27 & 521 & 302 & 127 \\
968 & 712 & 503 & 489 & 327 & 608 & 358 & 425 & 303 & 203
\end{array}\)

a. Tally the data into a frequency distribution using $100 as a class interval and $0 as the starting point.

b. Draw a cumulative frequency polygon.

c. The bank considers any student with an ending balance of $400 or more a “preferred customer.” Estimate the percentage of preferred customers.

d. The bank is also considering a service charge to the lowest 10 percent of the ending balances. What would you recommend as the cutoff point between those who have to pay a service charge and those who do not?

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QUESTION:

Midland National Bank selected a sample of 40 student checking accounts. Below are their end-of-the-month balances.

\(\begin{array}{rrrrrrrrrr}
\$ 404 & \$ 74 & \$ 234 & \$ 149 & \$ 279 & \$ 215 & \$ 123 & \$ 55 & \$ 43 & \$ 321 \\
87 & 234 & 68 & 489 & 57 & 185 & 141 & 758 & 72 & 863 \\
703 & 125 & 350 & 440 & 37 & 252 & 27 & 521 & 302 & 127 \\
968 & 712 & 503 & 489 & 327 & 608 & 358 & 425 & 303 & 203
\end{array}\)

a. Tally the data into a frequency distribution using $100 as a class interval and $0 as the starting point.

b. Draw a cumulative frequency polygon.

c. The bank considers any student with an ending balance of $400 or more a “preferred customer.” Estimate the percentage of preferred customers.

d. The bank is also considering a service charge to the lowest 10 percent of the ending balances. What would you recommend as the cutoff point between those who have to pay a service charge and those who do not?

ANSWER:

Step 1 of 5

Given data:

Midland National Bank selected a sample of 40 student checking accounts. Below are their end-of-the-month balances.

\(\begin{array}{rrrrrrrrrr} \$ 404 & \$ 74 & \$ 234 & \$ 149 & \$ 279 & \$ 215 & \$ 123 & \$ 55 & \$ 43 & \$ 321 \\ 87 & 234 & 68 & 489 & 57 & 185 & 141 & 758 & 72 & 863 \\ 703 & 125 & 350 & 440 & 37 & 252 & 27 & 521 & 302 & 127 \\ 968 & 712 & 503 & 489 & 327 & 608 & 358 & 425 & 303 & 203 \end{array}\) 

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