The bubble in U.S. housing prices burst in 2008, causing sales of houses to decline in almost every part of the country. Many homes were foreclosed because the owners could not make the payments. Below is a sample of 100 residential properties and the total balance on the mortgage at the time of foreclosure.

a. Using the 2k ≥ n guideline, what is the minimum number of classes that should be used to display these data in a grouped data frequency distribution?
b. Referring to part a, what should the class width be, assuming you round the width up to nearest $1,000?
c. Referring to parts a and b, develop a grouped data frequency distribution for these mortgage balance data.
d. Based on your answer to part c, construct and interpret a frequency histogram for the mortgage balance data.