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

`(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