Question

Ashley is reviewing past monthly credit card statements. The statements are summarized in the relative frequency table below. What is the cumulative relative frequency of credit card statements that are $1245 or less? Provide your answer below: Statement Balance Relative Frequency Cumulative Frequency $838-939$ 0.10 0.10 $940-1041$ 0.15 0.25 $1042-1143$ 0.20 0.45 $1144-1245$ 0.05 $1246-1347$ 0.25 0.75 $1348-1449$ 0.25 1.00

Answer 1

The cumulative relative frequency for credit card statements that are $1245 or less is 0.50. The cumulative relative frequency is calculated by adding up the relative frequencies of these ranges. In this case, the cumulative relative frequency would be 0.10 + 0.15 + 0.20 + 0.05, which equals 0.50.

Step-by-step explanation:

The cumulative relative frequency for credit card statements that are $1245 or less is found by summing up the relative frequencies for all the statement balance ranges up to and including $1144-1245. We add the relative frequencies of the first three ranges: 0.10 for $838-939, 0.15 for $940-1041, and 0.20 for $1042-1143, which gives us 0.45. Then, we add the relative frequency for the $1144-1245 range, which is 0.05, to this sum. So, the cumulative relative frequency for credit card statements $1245 or less is 0.50 (0.45 + 0.05).

The cumulative relative frequency of credit card statements that are $1245 or less can be found by summing up the relative frequencies of all the statement balances that are $1245 or less in the table. In this case, the statement balances that are $1245 or less include the ranges $838-939, $940-1041, $1042-1143, and $1144-1245.

The cumulative relative frequency is calculated by adding up the relative frequencies of these ranges. In this case, the cumulative relative frequency would be 0.10 + 0.15 + 0.20 + 0.05, which equals 0.50.