Math

QuestionCalculate the median of the following rates: € 1.19, € 1.15, € 1.16, € 1.17, € 1.17, € 1.15, € 1.16, € 1.18, € 1.17, € 1.19, € 1.18, € 1.20.

Studdy Solution

STEP 1

Assumptions1. The table contains the exchange rates for a certain currency in Euros (€). . The median rate is the middle value when all rates are arranged in ascending order.
3. If there is an even number of rates, the median is the average of the two middle numbers.

STEP 2

First, we need to list all the exchange rates in the table.
{1.19,1.15,1.16,1.17,1.17,1.15,1.16,1.18,1.17,1.19,1.18,1.20}\{€1.19, €1.15, €1.16, €1.17, €1.17, €1.15, €1.16, €1.18, €1.17, €1.19, €1.18, €1.20\}

STEP 3

Next, we arrange the exchange rates in ascending order.
{1.15,1.15,1.16,1.16,1.17,1.17,1.17,1.18,1.18,1.19,1.19,1.20}\{€1.15, €1.15, €1.16, €1.16, €1.17, €1.17, €1.17, €1.18, €1.18, €1.19, €1.19, €1.20\}

STEP 4

Now, we have to find the middle value(s) in the ordered list. Since we have an even number of rates (12), the median will be the average of the6th and7th values.
Median=6thvalue+7thvalue2Median = \frac{6th\, value +7th\, value}{2}

STEP 5

Plug in the values for theth and7th values to calculate the median.
Median=1.17+1.172Median = \frac{€1.17 + €1.17}{2}

STEP 6

Calculate the median rate.
Median=1.17+1.172=1.17Median = \frac{€1.17 + €1.17}{2} = €1.17The median rate is €1.17.

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