3. You are given the frequency distribution of monthly income of 40 families | Income | Frequency | | :--- | :--- | | 0-1000 | 2 | | 1000-2000 | 6 | | 2000-3000 | 10 | | 3000-4000 | 10 | | 4000-5000 | 5 | | 5000-6000 | 4 | | 6000-7000 | 3 | Compute and interpret the median income of these 40 families
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First, we need to find the midpoints of each income range. To do this, we add the lower and upper limits of each range and divide by 2. Midpoints: - 0-1000: $\frac{0+1000}{2} = 500$ - 1000-2000: $\frac{1000+2000}{2} = 1500$ - 3000-4000: $\frac{3000+4000}{2} = Show more…
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