The lengths of time (in minutes) 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?
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A. B. C. D. E.B
Order the numbers: 50,52,57,230. The median is (52 + 57)/2 = 54.5
To find the median length of time required to review an application, we need to arrange the given values in ascending order:
50, 52, 57, 230
Since we have an even number of values (4 in this case), the median will be the average of the two middle values. In this case, the two middle values are 52 and 57.
To calculate the median, we add the two middle values and divide the sum by 2:
(52 + 57) / 2 = 109 / 2 = 54.5
Therefore, the median length of time required to review an application is 54.5 minutes.
The correct answer is B. 54.5.