Use the following to answer the questions below:
The provided Minitab output displays descriptive statistics for the amount of financial aid, in thousands of dollars, awarded to a sample of students at a large university.

-Is the largest financial aid amount an outlier?

Question

Use the following to answer the questions below:
The provided Minitab output displays descriptive statistics for the amount of financial aid, in thousands of dollars, awarded to a sample of students at a large university.
 
-Is the largest financial aid amount an outlier?

Quizplus · Accepted Answer

IQR = $9350 or 9.35
1.5 IQR = 1.5*9.35 = 14.025
Q3 + 1.5 IQR = 19.275 + 14.025 = 33.3
Since the maximum value of 35 is above the cut-off for outliers on the high end of the distribution, 35 or $35,000 is an outlier.

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