The dollar number that defines where the lowest values falls is
20% percentile value =$20
This is further explained below.
Generally, Now we need to determine the 20th percentile ($20). It indicates that we need to locate a dollar amount that marks the point at which the 20 % data has a value lower than that number.
i=(p/100)*n
Where i is the position of p^th
percentile when the data is presented in ascending order.
i=20/100*50
i=1000/100
i=10
Therefore
n=50
p=20
In conclusion, the 10th position for given data is 20,
Therefore, 20% percentile value =$20
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