Hello Everyone plz help me solving this business Stats question. Pico Savings &

Question

Hello Everyone plz help me solving this business Stats question.

Pico Savings & Loan randomly selected 40 savings accounts at the end of the last month. The dollar balances are reported as follows: Construct the absolute, relative and cumulative frequency distributions. If the account balances of $500 or more receive a gift, how many gifts are handed out? Use both grouped and ungrouped data. Recommend a cutoff balance for the approximate lowest 20% of the ending balances under which the saving & loan would charge a service charge. Give reason for your recommendation.

Explanation / Answer

a)

b) Number of accounts greaterthan 500 is 8

c)Lowest 20% cutoff is 503

c)

Sav Freq relative freq cumulative 27 1 0.025 0.025 37 1 0.025 0.05 43 1 0.025 0.075 55 1 0.025 0.1 57 1 0.025 0.125 68 1 0.025 0.15 72 1 0.025 0.175 74 1 0.025 0.2 87 1 0.025 0.225 123 1 0.025 0.25 125 1 0.025 0.275 127 1 0.025 0.3 141 1 0.025 0.325 149 1 0.025 0.35 185 1 0.025 0.375 203 1 0.025 0.4 215 1 0.025 0.425 234 2 0.05 0.475 252 1 0.025 0.5 279 1 0.025 0.525 302 1 0.025 0.55 303 1 0.025 0.575 321 1 0.025 0.6 327 1 0.025 0.625 350 1 0.025 0.65 358 1 0.025 0.675 404 1 0.025 0.7 425 1 0.025 0.725 440 1 0.025 0.75 489 2 0.05 0.8 503 1 0.025 0.825 521 1 0.025 0.85 608 1 0.025 0.875 703 1 0.025 0.9 712 1 0.025 0.925 758 1 0.025 0.95 863 1 0.025 0.975 968 1 0.025 1

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