Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Merrill Lynch recently completed a study regarding the size of online investment portfolios (stocks, bonds, mutual funds, and certificates of deposit) for a sample of

Merrill Lynch recently completed a study regarding the size of online investment portfolios (stocks, bonds, mutual funds, and certificates of deposit) for a sample of clients in the 40 up to 50 years old age group. Listed below is the value of all the investments in thousands of dollars for the 70 participants in the study.

$ 669.9 $ 7.5 $ 77.2 $ 7.5 $ 125.7 $ 516.9 $ 219.9 $ 645.2
301.9 235.4 716.4 145.3 26.6 187.2 315.5 89.2
136.4 616.9 440.6 408.2 34.4 296.1 185.4 526.3
380.7 3.3 363.2 51.9 52.2 107.5 82.9 63.0
228.6 308.7 126.7 430.3 82.0 227.0 321.1 403.4
39.5 124.3 118.1 23.9 352.8 156.7 276.3 23.5
31.3 301.2 35.7 154.9 174.3 100.6 236.7 171.9
221.1 43.4 212.3 243.3 315.4 5.9 1,002.2 171.7
295.7 437.0 87.8 302.1 268.1 899.5

a-1. How many classes would you suggest?

a-2. What value would you suggest for a class interval? (Round up to the nearest multiple of 10.)

b. Outside of Connect, draw a histogram. Financial experts suggest that this age group of people have at least five times their salary saved. As a benchmark, assume an investment portfolio of $500,000 would support retirement in 1015 years. In writing, summarize your results.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Finance questions