Question

Suppose that the value of a stock varies each day from $10.82 to $20.17 with a uniform distribution.Find the third quartile; 75% of all days the stock is below what value? (Enter your answer to thenearest cent.)

Answer 1

start by subtracting the maximum and the minimun vaue

$\max -\min =9.35$

now divide that into 4

$\frac{9.35}{4}=2.3375$

since is the third quartile mutipli that by 3

$2.3375\cdot3=7.0125$

round to 7.01

add that to the minimun value

10.82+7.01=17.83