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Q. How to calculate Percentiles?
Ans.
In a large group of standardized test scores we expect the scores to approximate a normal curve. If all scores are translated to z-scores, then given a z-score, we are be able to determine the approximate percentage of people who scored either above or below this z-score. This is called a percentile. For example, if a student scores in the 84th percentile, this means that 84% of those taking the test scored lower than the student (and about 16% had higher scores).
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Brian is a real estate agent. He forms a 2.5% commission on each sale. During the month of June he sold three houses. The houses sold for $153,000, $299,000, and $121,000. What was
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