The following values and percentiles for the variable, Expected Income in 10 Yea

Question

The following values and percentiles for the variable, Expected Income in 10 Years (EXP_INC) are based on data provided by 209 students enrolled in QMETH 201 this quarter:

a. Use two or fewer words to describe the shape of the associated, or underlying, distribution.

b. Estimate (to two decimal places) how many students enrolled in the course expect to earnbetween $75,000 and $300,000 in 10 years.

c. Determine whether the lowest actual value for EXP_INC, $0, is an outlying value.

d. Determine whether the highest actual value for EXP_INC, $10,000,000, is an outlying value.

Explanation / Answer

Answer:

The following values and percentiles for the variable, Expected Income in 10 Years (EXP_INC) are based on data provided by 209 students enrolled in QMETH 201 this quarter:

EXP_INC: $60,000 $75,000 $100,000 $150,000 $300,000

Percentile: 10 25 50 75 90

a. Use two or fewer words to describe the shape of the associated, or underlying, distribution.

Bell shaped

b. Estimate (to two decimal places) how many students enrolled in the course expect to earn between $75,000 and $300,000 in 10 years.

between $75,000 and $300,000 there are (90-25)=65% of students

65% of 209 is 135.85

Answer: 135.85

c. Determine whether the lowest actual value for EXP_INC, $0, is an outlying value.

IQR=Q3-Q1, Q3=150000, Q1=75000

IQR=150000-75000 =75000

Q1–1.5 × IQR =75000-1.5*75000 =-37500

$0 is above Q1–1.5 × IQR value.

$0 is not an outlying value.

d. Determine whether the highest actual value for EXP_INC, $10,000,000, is an outlying value.

Q3+1.5 × IQR =150000+1.5*75000 =262500

$10,000,000 is above Q3+1.5 × IQR value.

$10,000,000 is an outlying value.

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