Question

Determine+the+percentile+indicating+the+bottom+ranking+20%.+in+other+words,+what+is+the+dollar+number+that+defines+where+the+lowest+values+fall.

Answer 1

The dollar number that defines where the lowest values falls is

20% percentile value =$20

This is further explained below.

What is the dollar number that defines where the lowest value falls?

Generally,  Now we need to determine the 20th percentile ($20). It indicates that we need to locate a dollar amount that marks the point at which the 20 % data has a value lower than that number.

i=(p/100)*n

Where i is the position of p^th

percentile when the data is presented in ascending order.

i=20/100*50

i=1000/100

i=10

Therefore

n=50

p=20

In conclusion, the 10th position for given data is 20,

Therefore, 20% percentile value =$20

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