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Midland National Bank selected a sample of 40 student checking accounts. Below are their end-of-the-month balances.
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% of the ending balances. What would you recommend as the cutoff point between those who have to pay a service charge and those who donot? |
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