A Sample of Five Full-Service Gasoline Stations, Each Carrying Three

question 91

Short Answer

A sample of five full-service gasoline stations, each carrying three grades of gasoline, was taken, and the price per liter (to the nearest cent) was recorded for each grade of gasoline, as shown in the following table. What is the median price of super unleaded gas?

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Definitions:

Subrogation

A legal principle allowing an entity, such as an insurance company, to step into the shoes of another party to pursue recovery from the party responsible for a loss or damage.

Indemnity

A contractual obligation of one party to compensate the loss occurred to the other party due to the acts of the indemnitor or any other party.

Insurance Contracts

Legal agreements between an insurer and the insured, in which the insurer agrees to compensate the insured for loss of property, life, or health, under specified conditions.

Wagering

The act of betting or gambling money on an outcome that is largely subject to chance.