Question

Determine the 67th percentile of the given set of invoice payment times.

Answer 1

To find the 67th percentile, arrange the data in ascending order, calculate the index using the formula (k = (p/100) * n), and round up or interpolate to find the exact value.

Step-by-step explanation:

To find the 67th percentile, you need to determine the value that separates the lowest 67% of the data from the highest 33%. Here are the steps:

1. Arrange the invoice payment times in ascending order.
2. Calculate the index using the formula (k = (p/100) * n), where p is the desired percentile (67 in this case) and n is the total number of data points.
3. If the index is a whole number, the value at that index is the 67th percentile.
4. If the index is not a whole number, round it up to the nearest whole number and find the value between that index and the next. Interpolate to find the exact value.

By following these steps, you can determine the 67th percentile of the given set of invoice payment times.