Pamela Mason, a consultant for a small local brokerage firm, was attempting to design investment programs attractive to senior citizens. She knew that if potential customers could obtain a certain level of return, they would be willing to risk an investment, but below a certain level, they would be reluctant. From a group of 50 subjects, she obtained the following data regarding the various levels of return required for each subject to invest $1,000
| Indifference Point | Frequency |
| $70–74 | 2 |
| 75–79 | 5 |
| 80–84 | 10 |
| 85–89 | 14 |
| 90–94 | 11 |
| 95–99 | 3 |
| 100–104 | 3 |
| 105–109 | 2 |
- Use the data given in the table to construct a “more-than” cumulative frequency distribution and ogive.
- Use the data given in the table to construct a “less-than” cumulative frequency distribution and ogive.
- Use your ogive to estimate what proportion of the flow occurs at less than 1,30
thousands of gallons per minute. Solutions
a.
b.
c.