Midland National Bank selected a sample of 40 student checking accounts. Below are their end-of-the-month balances. $ 234 $ 404 87 $ 279 $ 55 68 57 758 703 521 968 425 Balance 0 up to 100 100 up to 200 200 up to 300 300 up to 400 400 up to 500 500 up to 600 600 up to 700 700 up to 800 $ 74 234 800 up to 900 900 up to 1,000 Total 125 712 350 503 $149 489 440 489 Frequency 37 327 Cumulative frequency $ 215 185 252 608 Click here for the Excel Data File a. Tally the data into a frequency distribution using $100 as a class interval and $0 as the starting point. $ 123 141 27 358 $43 72 302 303 $ 321 863 127 203 4
Midland National Bank selected a sample of 40 student checking accounts. Below are their end-of-the-month balances. $ 234 $ 404 87 $ 279 $ 55 68 57 758 703 521 968 425 Balance 0 up to 100 100 up to 200 200 up to 300 300 up to 400 400 up to 500 500 up to 600 600 up to 700 700 up to 800 $ 74 234 800 up to 900 900 up to 1,000 Total 125 712 350 503 $149 489 440 489 Frequency 37 327 Cumulative frequency $ 215 185 252 608 Click here for the Excel Data File a. Tally the data into a frequency distribution using $100 as a class interval and $0 as the starting point. $ 123 141 27 358 $43 72 302 303 $ 321 863 127 203 4
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Question
![Midland National Bank selected a sample of 40 student checking accounts. Below are their end-of-the-month balances.
$ 279
$149.
489
$ 43
57
72
440
37
302
489
303
$ 404
87
703
968
Balance
0 up to 100
100 up to 200
200 up to 300
300 up to 400
400 up to 500
500 up to 600
600 up to 700
700 up to 800
$ 74
234
125
712
800 up to 900
900 up to 1,000
Total
$ 234
68
350
503
+
Frequency
327
Cumulative
frequency
$ 215
185
252
608
$ 123
141
27
358
Click here for the Excel Data File
a. Tally the data into a frequency distribution using $100 as a class interval and $0 as the starting point.
$ 55
758
521
425
$ 321
863
127
203](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8fc66754-dc05-453a-a4c8-c79196bcb5d1%2Fad8fb96f-c1a4-4b97-85ed-6baef67ec42c%2Ffpyipth_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Midland National Bank selected a sample of 40 student checking accounts. Below are their end-of-the-month balances.
$ 279
$149.
489
$ 43
57
72
440
37
302
489
303
$ 404
87
703
968
Balance
0 up to 100
100 up to 200
200 up to 300
300 up to 400
400 up to 500
500 up to 600
600 up to 700
700 up to 800
$ 74
234
125
712
800 up to 900
900 up to 1,000
Total
$ 234
68
350
503
+
Frequency
327
Cumulative
frequency
$ 215
185
252
608
$ 123
141
27
358
Click here for the Excel Data File
a. Tally the data into a frequency distribution using $100 as a class interval and $0 as the starting point.
$ 55
758
521
425
$ 321
863
127
203
![b. Outside of Connect, 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. (Round up to the next integer the percentage value.)
Preferred customers
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?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8fc66754-dc05-453a-a4c8-c79196bcb5d1%2Fad8fb96f-c1a4-4b97-85ed-6baef67ec42c%2Fers4zt_processed.jpeg&w=3840&q=75)
Transcribed Image Text:b. Outside of Connect, 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. (Round up to the next integer the percentage value.)
Preferred customers
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?
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