Question

If a person is making the median salary for a CPA, his earning is equivalent to the f(irst quartile median min max or third quartile) salary for an Actuaries, and he is making less than % of Actuaries

the salary in ten thousands of dollars: 20, 30, 40, 50, 60,70,80,90
(please explain and don't just give an answer)

Answer 1

To determine the answer, we need to understand the concepts of median, quartiles, and percentile.

Median: The median is the middle value in a dataset when it is arranged in ascending or descending order. It divides the dataset into two equal halves.

Quartiles: Quartiles divide a dataset into four equal parts. The first quartile (Q1) represents the lower 25% of the data, the second quartile (Q2) represents the median, and the third quartile (Q3) represents the upper 25% of the data.

Percentile: A percentile is a measure that indicates the percentage of data points that fall below a specific value.

Given the salaries in ten thousands of dollars: 20, 30, 40, 50, 60, 70, 80, 90, let's calculate the various measures:

Median: The median is the middle value. In this case, it is 50.

Quartiles: To find the quartiles, we divide the dataset into four equal parts:

Q1: The first quartile represents the lower 25% of the data. In this case, the 25th percentile falls between 40 and 50. Since 40 and 50 are the two closest values, the first quartile (Q1) is 40.

Q3: The third quartile represents the upper 25% of the data. In this case, the 75th percentile falls between 70 and 80. Since 70 and 80 are the two closest values, the third quartile (Q3) is 70.

Now let's analyze the statement: "If a person is making the median salary for a CPA, his earning is equivalent to the first quartile median min max or third quartile salary for an Actuary."

Since the median salary for a CPA is 50 and the first quartile salary for an Actuary is 40, the person making the median salary for a CPA is earning more than the first quartile salary for an Actuary.

Next, the statement says the person is making less than % of Actuaries' salary. However, we are not given a specific percentage, so we cannot determine the exact value. We can only compare the salaries based on the values given.

In conclusion, a person making the median salary for a CPA is earning more than the first quartile salary for an Actuary, but we cannot determine the exact percentage of Actuaries' salary he is making.