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Statistics: Median

| Average Monthly Income | Number of households | |------------------------|----------------------| | $3,700 | 12 | | $3,800 | 17 | | $3,900 | 8 | | $4,000 | 11 | | $4,100 | 4 | | $4,200 | 2 | The table shows the results of a survey of the average monthly household income in GMATville last year. The average monthly income was calculated for each household and then rounded to the nearest hundred. What is the median average monthly income?
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Correct. [[snippet]] Decide where the middle value lies by dividing the sum of frequencies by 2. >$$\text{Place value} = \frac{12 + 17 + 8 + 11 + 4 + 2}{ 2} = \frac{54}{2} = 27$$. Then count from the top till you reach the median frequency calculated earlier. Since there are an even number of values (54), you need to consider the average of the 27th and 28th values. In this case, the incomes of the 27th and 28th households are $3,800. Hence the median is $3,800.
$3,800
$3,900
$3,950
$4,000
$4,100