84. Forbes magazine published data on the best small firms in 2012. These were f
ID: 3020672 • Letter: 8
Question
84. Forbes magazine published data on the best small firms in 2012. These were firms which had been publicly traded for at least a year, have a stock price of at least $5 per share, and have reported annual revenue between $5 million and $1 billion.Table 1.37shows the ages of the chief executive officers for the first 60 ranked firms.
Age
Frequency
Relative Frequency
Cumulative Relative Frequency
40–44
3
45–49
11
50-54
13
55–59
16
60–64
10
65–69
6
70–74
1
a. What is the frequency for CEO ages between 54 and 65?
b. What percentage of CEOs are 65 years or older?
c. What is the relative frequency of ages under 50?
d. What is the cumulative relative frequency for CEOs younger than 55?
e. Which graph shows the relative frequency and which shows the cumulative relative frequency?
Age
Frequency
Relative Frequency
Cumulative Relative Frequency
40–44
3
45–49
11
50-54
13
55–59
16
60–64
10
65–69
6
70–74
1
Explanation / Answer
The completed frequency table is
a. The frequency for CEO ages between 54 and 65 is 16+10 =26
b. The percentage of CEOs are 65 years or older is =7/60 = 0.11667
c. The relative frequency of ages under 50 is 0.2333
d. The cumulative relative frequency for CEOs younger than 55 is 0.45
e. Which graph shows the relative frequency and which shows the cumulative relative frequency?
a pie chart or a column chart shows the relative frequency and a line chart shows the cumulative relative frequency
Age Frequency Relative Frequency Cumulative Relative Frequency 40–44 3 0.05 0.05 45–49 11 0.183333 0.233333333 50-54 13 0.216667 0.45 55–59 16 0.266667 0.716666667 60–64 10 0.166667 0.883333333 65–69 6 0.1 0.983333333 70–74 1 0.016667 1 60Related Questions
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