Question

he Saskatoon Credit Union selected a sample of 40 student chequing accounts. Below are their end-of the-month balances, in dollars:

$ 674	472	56	573	916	244	402	498	722	271
853	204	598	759	819	828	154	179	547	67
363	344	951	183	785	322	769	459	215	393
401	468	67	679	188	452	64	647	851	568

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

  BalanceFrequencyCumulative Frequency

  0 to under 100    

  100 to under 200    

  200 to under 300    

  300 to under 400    

  400 to under 500    

  500 to under 600    

  600 to under 700    

  700 to under 800    

  800 to under 900    

  900 to under 1000    

  Total

  

b. Not available in Connect.

c. The bank considers any student with an ending balance of $400 or more a "preferred customer." Estimate the percentage of preferred customers. (Round up the answer to the nearest whole percentage.)

Percentage             %

d. The bank is also considering a service charge to the lowest 10% 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 1