The pth percentile is a value such that approximately a. p percent of the observations are less than the value and (100 - p) percent are more than this value. b. (100 - p) percent of the observations are less than the value and p percent are more than this value. c. (100 - p) percent of the observations are less than the value and (100 - p) percent are more than this value. d. p percent of the observations are less than the value and p percent are more than this value.