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 bal-
ances. What would you recommend as the cutoff point between those who have to
pay a service charge and those who do not?
