Survey was conducted about real estate prices. Data collected is 104,241, 117,589, 126,567, 131,521, 145,112, 154,708, 169,649, 179,536, 185,541, 192,268, 201,494, 210,592, 221,057. What is the 85th percentile price?
To calculate the percentile vallue we need to rearrange the values in ascemding order as:
Now the sample sie is N = 13.
Now the index vakue for the percentile rank is calculated as:
thus for 85th percentile the index value is computed as:
Since the index value is not integer hence we round off the value to get the integer index value as 12, thus the 12th value will be the 85th percentile score.
Now the 12th value is 210592, thus the 85th percentile score is 210592
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