I was looking up the average networth of 30 year olds in the United States and it said: “The average net worth is $122,000 and the median net worth is $35,112” my brain is too smooth please help.
In: 8
Average is add up all the numbers and divide by number of numbers.
Median is what te middle number is when you put it in order from least to greatest.
Average is add up all the numbers and divide by number of numbers.
Median is what te middle number is when you put it in order from least to greatest.
Average is add up all the numbers and divide by number of numbers.
Median is what te middle number is when you put it in order from least to greatest.
The median is the middle value in a dataset, whereas the average (also known as the mean) is the sum of all values divided by the number of values. The median is less affected by outliers, while the average can be skewed by extreme values.
The median is the middle value in a dataset, whereas the average (also known as the mean) is the sum of all values divided by the number of values. The median is less affected by outliers, while the average can be skewed by extreme values.
The median is the middle value in a dataset, whereas the average (also known as the mean) is the sum of all values divided by the number of values. The median is less affected by outliers, while the average can be skewed by extreme values.
You, me, and Elon Musk are in a room.
Let’s say my net worth is $20k, yours is $30k, and Elon Musk’s is $184 billion.
The median net worth is the net worth of whichever of the 3 of us isn’t the richest or poorest.
The median net worth is that of the person who is exactly in the middle.
Half of the people are poorer, and half of the people are richer.
That’s you.
You’re the median in this example.
The median net worth is $30k.
The average net worth is all of our net worth’s pooled together and divided by 3.
The average net worth is about $61 billion.
Of note, it’s quite possible that *nobody* has the average net worth.
You, me, and Elon Musk are in a room.
Let’s say my net worth is $20k, yours is $30k, and Elon Musk’s is $184 billion.
The median net worth is the net worth of whichever of the 3 of us isn’t the richest or poorest.
The median net worth is that of the person who is exactly in the middle.
Half of the people are poorer, and half of the people are richer.
That’s you.
You’re the median in this example.
The median net worth is $30k.
The average net worth is all of our net worth’s pooled together and divided by 3.
The average net worth is about $61 billion.
Of note, it’s quite possible that *nobody* has the average net worth.
You, me, and Elon Musk are in a room.
Let’s say my net worth is $20k, yours is $30k, and Elon Musk’s is $184 billion.
The median net worth is the net worth of whichever of the 3 of us isn’t the richest or poorest.
The median net worth is that of the person who is exactly in the middle.
Half of the people are poorer, and half of the people are richer.
That’s you.
You’re the median in this example.
The median net worth is $30k.
The average net worth is all of our net worth’s pooled together and divided by 3.
The average net worth is about $61 billion.
Of note, it’s quite possible that *nobody* has the average net worth.
Average/Mean refers to the sum of all quantities divider by its number, i.e: mean of 2 4 6 8 10 will be 30/5=6. Median is the the middlemost number in the group, which here is 6.
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