Financial Risk Manager Part 1
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The following data represents a sample of daily profit of a sales company for six weeks in a particular year.
| Week | Amount of the Profit($) |
|---|---|
| 1 | 3,800 |
| 2 | 2,800 |
| 3 | 2,700 |
| 4 | 9,900 |
| 5 | 2,600 |
| 6 | 4,300 |
What is the median of the profit?
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A
3,000
B
5,000
C
3,300
D
3,700
Explanation:
The median is calculated by first sorting the data in ascending order:
| Week | Amount of the Profit($) |
|---|---|
| 5 | 2,600 |
| 3 | 2,700 |
| 2 | 2,800 |
| 1 | 3,800 |
| 6 | 4,300 |
| 4 | 9,900 |
Since there are 6 observations (even number), the median is the average of the two middle values:
The third and fourth values in the sorted dataset are $2,800 and $3,800, so the median is $3,300.
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