According to www.money-zine.com, the average FICO score in the United States was

Question

According to www.money-zine.com, the average FICO score in the United States was around 692 in December 2011 Suppose the following data represent the credit scores of 22 randomly selected loan applicants. 358 812 489 639 721 600 412 572 650515778 625 707 695 604 618 797 430 626 468744749 a. Calculate the values of the three quartiles and the interquartile range. Where does the value 707 fall in relation to these quartiles? 01 IQR = The value 707 is in the b. Find the approximate value of the 9th percentile. Give a brief interpretation of this percentile. Enter an exact answer. 25 % group from the bottom in the (ranked) data set. Approximately 9% of the credit scores of applicants are c. Calculate the percentile rank of 749. Give a brief interpretation of this percentile rank. Round your answer to two decimal places. this value. This percentage of the credit scores of applicants are -| 749

Explanation / Answer

Solution:

Answer Excel function

Q1 = 529.25   =QUARTILE(A2:A23,1)

Q2 = 625.5   =QUARTILE(A2:A23,2)

Q3 = 717.5   =QUARTILE(A2:A23,3)

IQR = Q3 - Q1 = 188.5

The value 707 is in the top 25% group from the bottom in the data set.

(b) 9th percentil,

Using excel ,  =PERCENTILE(A2:A23,0.09)

9th percentile = 428.02

Approximately 9% of the credit score of applications are below 428.02

(c) Percentile rank of 749

Using excel , =PERCENTRANK(A2:A23,749)

Percentile rank of 749 is 0.86

Done

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