Society Of Actuaries (SOA) PA Practice Exam

When defining three buckets for categorizing data, which range corresponds to 'medium'?

(0, 1000) [1000, 5000) [5000, infinity) (1000, 5000]

Correct Answer:

[1000, 5000)

Explanation:

The range that corresponds to 'medium' is [1000, 5000). This range starts at 1000 and extends up to, but does not include, 5000. It effectively captures values that are considered medium in size, falling between a low threshold of 1000 and just below the higher threshold of 5000. This categorization is based on a logical division of data into segments where 'medium' represents the middle tier. By using the closed bracket for 1000 and the open bracket for 5000, it ensures that the range is inclusive of the lower limit and exclusive of the upper limit, which is a common practice in defining ranges for categorization purposes.

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