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Problem 1. Golf Digest 50

The Golf Digest 50 lists the 50 professional golfers with the highest total annual income. Total income is the sum of both on-course and off-course earnings.
In 2009 Tiger Woods ranked first with a total annual income of \$122 million. However, almost \$100 million of this total was from off-course activities such as product endorsements and personal appearances.
The 50 professional golfers with the highest income are shown in the following table (you have the data in the file homework.xls) (Golf Digest website, February 2010).

[pic]

The income data in the file is in \$1.000.000s.

Use classes of 0–4,999, 5,000–9,999, 10,000–14,999, and so on to answer the following questions. Include an open-ended class of 50,000 or more as the largest income class.

a) Construct a frequency distribution and percent frequency distribution of the annual income of the 50 professional golfers. b) Construct a histogram for these data. c) Comment on the shape of the distribution of income. d) What is the most frequent income class for the 50 professional golfers? Using your tabular and graphical summaries, what additional observations can you make about the income of these 50 professional golfers?

Problem 2. Superintendents’ salary
A shortage of candidates has required school districts to pay higher salaries and offer extras to attract and retain school district superintendents.

The following data show the annual base salary (\$1000s) for superintendents in 20 districts in the greater Rochester, New York, area (The Rochester Democrat and Chronicle, February 10, 2008). You have the data in the excel file homework.xls

187 184 174 185 175 172 202 197 165 208 215 164 162 172 182 156 172 175 170 183

Use classes of 150–159, 160–169, and so on in the following.

a) Show the frequency distribution. b) Show the percent frequency distribution. c) Show the cumulative percent frequency distribution. d) Develop a histogram for the annual base salary.

Problem 3. Universities’ endowment

Endowment income is a critical part of the annual budgets at colleges and universities.
A study by the National Association of College and University Business Officers reported that the 865 colleges and universities surveyed held a total of \$407 billion in endowments.
The 20 wealthiest universities are shown below (see www.nacubo.org).
[pic]

a) What is the mean endowment for these universities? Which is the meaning? b) What is the median endowment? c) What is the mode endowment? d) Compute the first and third quartiles? What is the meaning of them?

Problem 4. Hotel Room Prices

The Dow Jones Travel Index reported what business travelers pay for hotel rooms per night in major U.S. cities (The Wall Street Journal, January 16, 2004).

The average hotel room rates for 20 cities are as follows:

Atlanta \$163 Minneapolis \$125
Boston 177 New Orleans 167
Chicago 166 New York 245
Cleveland 126 Orlando 146
Dallas 123 Phoenix 139
Denver 120 Pittsburgh 134
Detroit 144 San Francisco 167
Houston 173 Seattle 162
Los Angeles 160 St. Louis 145
Miami 192 Washington, D.C. 207

a) What is the mean hotel room rate? b) What is the median hotel room rate? c) What is the mode? d) What is the first quartile? What is the meaning of first quartile? e) What is the third quartile? What is the meaning of first quartile?

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