The Employee Benefit Research Institute (EBRI) issued a report in 2015 that stated 55% of workers are confident they have enough money for a comfortable retirement.

(Source: R. Helman, C. Copeland, and J. VanDerhei,

“The 2015 Retirement Confidence Survey: Having a retirement savings plan a key factor in Americans’

retirement confidence,” Apr. 2015, no. 413.) The file titled Retirement contains sample data similar to those used in this study.

a. Construct a frequency distribution of the total savings and investments using the intervals (1) Less than

$25,000, (2) $25,000–$49,999, (3) $50,000–$99,999,

(4) $100,000–$249,999, and (5) $250,000 or more.

b. Determine the probability that an individual who has saved for retirement has saved less than

$50,000. Use relative frequencies.

c. Determine the probability that a randomly chosen individual has saved less than $50,000 toward retirement.

d. Calculate the probability that at least two of four individuals have saved less than $50,000 toward retirement.