Question: Midland National Bank selected a sample of 40 student checking accounts. Below are their ends of month balances.

$404 $74 $234 $149 $279 $215 $123 $55 $43 $321

87 234 68 489 57 185 141 758 72 863

703 125 350 440 37 252 27 521 302 127

968 712 503 489 327 608 358 425 303 203

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 percent 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?