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Individual Stock Price An individual stock is selected at

Elementary Statistics: Picturing the World | 6th Edition | ISBN: 9780321911216 | Authors: Ron Larson

Problem 76E Chapter 3.1

Elementary Statistics: Picturing the World | 6th Edition

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Elementary Statistics: Picturing the World | 6th Edition | ISBN: 9780321911216 | Authors: Ron Larson

Elementary Statistics: Picturing the World | 6th Edition

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Problem 76E

Individual Stock Price An individual stock is selected at random from the portfolio represented by the box-and-whisker plot shown. Find the probability that the stock price is (a) less than $21, (b) between $21 and $50, and (c) $30 or more.

Step-by-Step Solution:

Step 1 of 3:

Given the portfolio represented by the box-and-whisker plot is given below,

Our goal is:

a). We need to find the probability that the stock price less than 21.

b). We need to find the probability that the stock price between 21 and 50.

c). We need to find the probability that the stock price 30 or more.

a). From the above plot, the following information is

The minimum value is 12 and the percentile is 21.

The median (50th percentile) is 30

Then the maximum value is 94 and the 75th percentile is 50.

From the given information we know that to understand the data, this means 25% of the data is between the minimum and the  percentile.

Then 25% of the data is between the  percentile and median.

Now we have to find the probability less than 21.

So It's no coincidence that this is the  percentile.

Here 25% of the data is below 21 so the probability is 25%.

Therefore, the probability that the stock price less than 21 is 25 percent.

Step 2 of 3:

b). From the above plot, 50 is the  percentile while 21 is the  percentile.

So this indicates that 50% of the data is between 21 and 50.

Then the probability that the stock price between 21 and 50 is

= 75% - 25%

= 50%

Therefore, the probability that the stock price between 21 and 50 is 50%.

Step 3 of 3

Chapter 3.1, Problem 76E is Solved
Textbook: Elementary Statistics: Picturing the World
Edition: 6th
Author: Ron Larson
ISBN: 9780321911216

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