The times (in minutes) that several underwriters took to review applications for similar insurance coverage are 50, 230, 52, and 57. What is the median length of time required to review an application? 109.0 141.0 97.25 54.5

Accepted Solution

Answer:The answer is 54.5Step-by-step explanation:The median of a set of observations is the value in the middle in case there is an uneven number of observations or the average between the two values in the middle.First we arrange the times from less time to longer times.50 - 52 - 57 - 230 .The values in the middle are Β 52 - 57 And the average between this two values is 54.5. Thus that is the median legth of time.