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Use the 68-95-99.7 Rule to find the cutoff values that would separate the following percentages of funds:

a) The highest 50%

b) The highest 16%

c) The lowest 2.5%

d) The middle 6.8%

Answer :

Final answer:

To find cutoff values using the 68-95-99.7 Rule, use the middle range, Q1 to Q3, for the highest 50% of funds, the range from Q3 to the maximum value for the highest 16%, the range from the minimum value to Q1 for the lowest 2.5%, and the range from Q1 to Q3 for the middle 6.8%.

Explanation:

The 68-95-99.7 Rule, also known as the Empirical Rule, is a rule that helps us understand the percentage of data that falls within certain intervals of a normal distribution. To find the cutoff values using this rule:

a) For the highest 50% of funds, we can use the middle range of the distribution, which is from the first quartile (Q1) to the third quartile (Q3).
Cutoff values: Q1 to Q3

b) For the highest 16% of funds, we can use the range from Q3 to the maximum value.
Cutoff values: Q3 to maximum value

c) For the lowest 2.5% of funds, we can use the range from the minimum value to Q1.
Cutoff values: Minimum value to Q1

d) For the middle 6.8% of funds, we can use the range from Q1 to Q3.
Cutoff values: Q1 to Q3

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