Compute lower and upper quartiles of log10-balances?, Ask an Expert

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Q1) You work for business analytics department of large commercial bank, and you learn that balances of small-business accounts are distributed on log-scale according to a normal distribution. You also learn that lower and upper quartiles of balances are $500 and $50,000, respectively. In following sub-problems you will end up deducing in small steps what a 95% range of bank balances is. (For ease of grading, use the memorized rounded multipliers for normal quantiles, not the more exact values from the tables or calculators.)

a) Compute lower and upper quartiles of log10-balances?

b) Compute mean and sd of log10-balances?

c) Determine 95% range of the log10-balances?

d) Determine 95% range of the balances in $s? Express in English what the two boundaries mean.

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