NO.PZ2023060502000002
问题如下：
Exhibit 1 shows the annual MSCI World Index total returns for a 10-year
period.
The fourth quintile return for the MSCI World Index is closest to:
选项：
A.
20.65 percent.
B.
26.03 percent.
C.
27.37 percent.
解释：
B is correct. Quintiles divide a distribution into fifths, with the fourth quintile
occurring at the point at which 80 percent of the observations lie below it. The
fourth quintile is equivalent to the 80th percentile. To find the yth percentile (Py),
we first must determine its location. The formula for the location (Ly) of a yth
percentile in an array with n entries sorted in ascending order is Ly = (n + 1) ×
(y/100). In this case, n = 10 and y = 80%, so
L80 = (10 + 1) × (80/100) = 11 × 0.8 = 8.8.
With the data arranged in ascending order (−40.33 percent, −5.02 percent,
9.57 percent, 10.02 percent, 12.34 percent, 15.25 percent, 16.54 percent, 20.65
percent, 27.37 percent, and 30.79 percent), the 8.8th position would be between
the eighth and ninth entries, 20.65 percent and 27.37 percent, respectively. Using
linear interpolation, P80 = X8 + (Ly − 8) × (X9 − X8),
P80 = 20.65 + (8.8 − 8) × (27.37 − 20.65)
= 20.65 + (0.8 × 6.72) = 20.65 + 5.38
= 26.03 percent.
问题如下：
Exhibit 1 shows the annual MSCI World Index total returns for a 10-year
period.
The fourth quintile return for the MSCI World Index is closest to:
选项：
A.
20.65 percent.
B.
26.03 percent.
C.
27.37 percent.
解释：
B is correct. Quintiles divide a distribution into fifths, with the fourth quintile
occurring at the point at which 80 percent of the observations lie below it. The
fourth quintile is equivalent to the 80th percentile. To find the yth percentile (Py),
we first must determine its location. The formula for the location (Ly) of a yth
percentile in an array with n entries sorted in ascending order is Ly = (n + 1) ×
(y/100). In this case, n = 10 and y = 80%, so
L80 = (10 + 1) × (80/100) = 11 × 0.8 = 8.8.
With the data arranged in ascending order (−40.33 percent, −5.02 percent,
9.57 percent, 10.02 percent, 12.34 percent, 15.25 percent, 16.54 percent, 20.65
percent, 27.37 percent, and 30.79 percent), the 8.8th position would be between
the eighth and ninth entries, 20.65 percent and 27.37 percent, respectively. Using
linear interpolation, P80 = X8 + (Ly − 8) × (X9 − X8),
P80 = 20.65 + (8.8 − 8) × (27.37 − 20.65)
= 20.65 + (0.8 × 6.72) = 20.65 + 5.38
= 26.03 percent.
