CFA Level 1 Exam: Paramedical Fees - Median Charge

What is the Median Charge for Paramedical Fees?

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Question

A sample of the paramedical fees charged by clinics revealed these amounts: $55, $49, $50, $45, $52 and $55. What is the median charge?

Answers

Explanations

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A. B. C. D. E.

B

Order them: 45,49,50,52,55,55. The median is therefore (50 + 52)/2 = 51

To find the median charge, we first need to arrange the charges in ascending order:

$45, $49, $50, $52, $55, $55

Next, we identify the middle value. Since there are six charges in total, the middle value is the average of the two central values. In this case, the two central values are $50 and $52. So, we calculate their average:

($50 + $52) / 2 = $102 / 2 = $51.00

Therefore, the median charge is $51.00.

The correct answer is B. $51.00.

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