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Suppose that individual forecasts of a particular interest rate are normally distributed with a mean of 10 percent and a standard deviation of 1.6 percent. (Round k, Q1, and Q3 to three decimal places, and round percentages in part a to the nearest whole number. Enter percentage values without the percentage (%) symbol.)
- What percentage of individual forecasts are at or below the 10th percentile of the distribution of forecasts? What percentage are at or above the 10th percentile? Find the 10th percentile of the distribution of individual forecasts.
Find the first quartile, Q1, and the third quartile, Q3, of the distribution of individual forecasts. Follow the methods outlined in part a, or compute the inverse cdf in MINITAB.
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