When Working with Grouped Data, the Class Median Is the Value

question 17

True/False

When working with grouped data, the class median is the value in the middle of the class and can be found by taking the average of the endpoints for each class.

---

Definitions:

Economize

The action of reducing expenditure or efficiently managing resources to avoid waste and save money.

Foreclose

The legal process by which a lender takes control of a property from a borrower due to failure to meet the repayment terms of a loan.

Defaulted

Defaulted refers to the failure to fulfill an obligation, especially the failure to repay a loan on time or to meet a contractual condition, leading to possible legal penalties or loss of rights.

Equity of Redemption

The right of a mortgagor to reclaim property on which a mortgage exists by repaying the debt before a foreclosure sale.