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What is the median for the following set of numbers? $3.27, $9.42, $6.15, $5.25, $7.62, $4.86, $2.94, $1.16
  1. $6.15
  2. $4.07
  3. $5.45
  4. $5.70
  5. $5.055
Explanation

Answer: E - The median or the middle number when the numbers are in ascending order ($1.16, $2.94, $3.27, $4.86, $5.25, $6.15, $7.62, $9.42) for the set above is $5.055. Whenever there is an even number of entries in a set, putting two numbers in the middle of the ordered entries, those two numbers ($4.86 and $5.25) are averaged to find the median. The mean is about $4.07. There is no mode because each number occurs only one time in the set.

Editor's note: Answer edited Dec 2022 to fix error

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