1. The grade point average for college students is based on a weighted mean computation. For most colleges, the grades are given the following data values: A (4), B (3), C (2), D (1), and F (0). After...

1. The grade point average for college students is based on a weighted mean computation. For most colleges, the grades are given the following data values: A (4), B (3), C (2), D (1), and F (0). After 60 credit hours of course work, a student at State University earned 9 credit hours of A, 15 credit hours of B, 33 credit hours of C, and 3 credit hours of D. a. Compute the student’s grade point average. b. Students at State University must maintain a 2.5 grade point average for their first 60 credit hours of course work in order to be admitted to the business college. Will this student be admitted? 2. Morningstar tracks the total return for a large number of mutual funds. The following table shows the total return and the number of funds for four categories of mutual funds (Morningstar Funds500, 2008). Class Midpoint Frequency 3–7 5 4 8–12 10 7 13–17 15 9 18–22 20 5 SELF test SELF test Type of Fund Number of Funds Total Return (%) Domestic Equity 9191 4.65 International Equity 2621 18.15 Specialty Stock 1419 11.36 Hybrid 2900 6.75 a. Using the number of funds as weights, compute the weighted average total return for the mutual funds covered by Morningstar. b. Is there any difficulty associated with using the “number of funds” as the weights in computing the weighted average total return for Morningstar in part (a)? Discuss. What else might be used for weights? c. Suppose you had invested $10,000 in mutual funds at the beginning of 2007 and diversified the investment by placing $2000 in Domestic Equity funds, $4000 in