Question

Sales at Dunphy Real Estate totaled 10 homes for the month. The sale amounts were as follows:

$115,000, $119,000, $150,000, $175,000, $160,000, $104,000, $118,000, $148,000, $165,000, and $195,000.

Calculate the mean and median.

Answer 1

Answer:

Mean:

Mean = ($115,000 + $119,000 + $150,000 + $175,000 + $160,000 + $104,000 + $118,000 + $148,000 + $165,000 + $195,000) / 10
Mean = $1,449,000 / 10
Mean = $144,900

Median:

For median, we have to arrange the dollar sales in the ascending order.

$104,000, $115,000, $118,000, $119,000, $148,000, $150,000, $160,000, $165,000, $175,000 and $195,000

Number of Sales period, N = 10

Median = Average of (N/2)th term and (N/2 + 1)th term
Median = Average of (10/2)th term and (10/2 + 1)th term
Median = Average of 5th term and 6th term
Median = ($148,000 + $150,000) / 2
Median = $149,000