Question

The following data represent the monthly rent of 10 two-bedroom condos in Oviedo, Florida.

$1,500 $1,625 $1,150 $1,250 $1,650 $1,300 $1,750 $1,120 $1,700 $1,325
Determine the percentile of the condo with a monthly rent of $1,150

Answer 1

20th percentile.

Explanation:

Concept of a percentile:

When a value V is said to be in the xth percentile of a set, x% of the values in the set are lower than V and (100-x)% of the values in the set are higher than V.

Determine the percentile of the condo with a monthly rent of $1,150

There are 10 values.

8 are higher than $1,150.

2 are $1,150 or lower.

2/10 = 0.2 = 20%

So the condo with a monthly rent of $1,150 is in the 20th percentile.