The Saskatoon Credit Union selected a sample of 40 student chequing accounts. Below are their end-of the-month balances, in dollars: $ 281 619 741 161 342 935 503 826 154 957 531 500 143 331 524 777 905 818 107 119 729 612 124 881 590 474 115 83 648 764 540 557 312 918 907 679 285 189 899 233

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

Balance Frequency Cumulative 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. 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 %

c. 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 rating: 100% (QA)

a Balance Frequency Cumulative Frequency 0 to under 100 1 1 100 to under 200 8 9 200 to und... View the full answer