fund managers are ranked in ascending order and numbered from 1 to 12. The location of the second decile is closest to the:
Question
Fund managers are ranked in ascending order and numbered from 1 to 12. The location of the second decile is closest to the:
Solution
To find the location of the second decile, you need to understand that deciles divide a data set into 10 equal parts. So, the second decile will be 2/10, or 20%, through the data set.
Given that the fund managers are ranked from 1 to 12, you would find the location of the second decile by multiplying the total number of data points (12) by 0.2 (20%).
12 * 0.2 = 2.4
So, the location of the second decile is closest to the 2nd ranked fund manager, as you would round down in this case.
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