Question

Use the table to answer the question.

Number of Houses Across Different Property Value Ranges
Value per House Number of Houses
$150,000 2
$220,000 4
$490,000 3
$540,000 2
$800,000 5
$975,000 2
The values of several houses on Mango Street are displayed on the table. What is the median value of these houses?
 

(1 point)
$_________

Answer 1

To find the median value of the houses, we first need to list all the house values in order, based on the number of houses corresponding to each property value.

Here is the breakdown:

- $150,000: 2 houses
- $220,000: 4 houses
- $490,000: 3 houses
- $540,000: 2 houses
- $800,000: 5 houses
- $975,000: 2 houses

Now we can list out the values based on the number of houses:

- $150,000, $150,000
- $220,000, $220,000, $220,000, $220,000
- $490,000, $490,000, $490,000
- $540,000, $540,000
- $800,000, $800,000, $800,000, $800,000, $800,000
- $975,000, $975,000

Now, we can compile this into a single list:

1. $150,000
2. $150,000
3. $220,000
4. $220,000
5. $220,000
6. $220,000
7. $490,000
8. $490,000
9. $490,000
10. $540,000
11. $540,000
12. $800,000
13. $800,000
14. $800,000
15. $800,000
16. $800,000
17. $975,000
18. $975,000

Now count the total number of houses listed:

There are 18 houses in total.

To find the median, we need to find the middle value(s):

- Since there are 18 houses (an even number), the median will be the average of the 9th and 10th values in our ordered list.

The 9th value is $490,000, and the 10th value is $540,000.

Now calculate the median:

\[
\text{Median} = \frac{490,000 + 540,000}{2} = \frac{1,030,000}{2} = 515,000
\]

Thus, the median value of the houses is:

$515,000.