Median

CFA Level I Quant
#1

The median is the midpoint of a distribution, such that 50% of the observations are greater than the median and 50% are less than the median. This is equivalent to the second quartile (4 groups) and the fifth decile (10 groups). If a distribution is divided into quintiles (5 groups), 60% of the observations are less than the third quintile.

question was “The median of a distribution is least likely equal to the” A secodn quartile B. third Quintile C. Fifth decile

Im confused because I feel B would be correct if it didnt include least in the question since you would have the 1st and 2nd quintile (50% below) and 4th and 5th quintile (50% above).

Since it says least wouldnt A and C be correct since they wouldnt have the same percentage of quantiles on each side or am i thinking about this wrong?

Thank you.

#2

A Quantile is a general term for a value at or below which stated proportion of data lies.

1 Quartile = 25%

1 Quintile = 20%

1 Decile = 10%

2nd Quartile = 50% (at or BELOW this value 50% data lies)

5th Decile = 50% (at or BELOW this value 50% data lies)

3rd Quintile = 60% (At or below this value 60% data lies).

so B is your answer…

makes sense?

#3

Yes it does thank you. I was valuing the quantiles by the number in front and not by their actual cumulative percentage.