A magazine published data on the best small firms in a certain year. These were

Question

A magazine published data on the best small firms in a certain year. These were firms which had been publicly traded for at least a year, have a stock price of at least $5 per share, and have reported annual revenue between $5 million and $1 billion. The table below shows the ages of the chief executive officers for the first 62 ranked firms.

What is the frequency for CEO ages between (but not including) 54 and 65? (Enter your answer as a whole number.)

What percentage of CEOs are 65 years or older? (Round your answer to the nearest whole number.)

What is the relative frequency of ages under 50? (Round your answer to two decimal places.)

What is the cumulative relative frequency for CEOs younger than 55? (Round your answer to two decimal places.)

Age Frequency Relative Frequency Cumulative Relative
Frequency 40-44 7 45-49 11 50-54 15 55-59 12 60-64 10 65-69 6 70-74 1

Explanation / Answer

Frequency for CEO ages between (but not including) 54 and 65 = 12+10 = 22

Percentage of CEOs that are 65 years or older = (6+1)x100/62 = 11%

Relative frequency of ages under 50 = 0.29

Cumulative relative frequency for CEOs younger than 55 = 0.53

Age Frequency Relative Frequency Cumulative Relative
Frequency 40-44 7 0.1129 0.1129 45-49 11 0.1774 0.2903 50-54 15 0.2419 0.5322 55-59 12 0.1935 0.7257 60-64 10 0.1613 0.8870 65-69 6 0.0968 0.9838 70-74 1 0.0162 1

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