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
“Median” is one kind of average – it’s the number that’s smack-dab in the middle.
Another kind of average is “Mean”, which is adding up all the numbers (in this case, net worths) and dividing by the amount of things you have (in this case, thirty-year olds). I’d guess that the “average net worth” was reached by this method because all the thirty-year old tech billionaires and children of inherited wealth weight the mean towards more wealth, making up for all the thirty-year olds who are barely making minimum wage.
The third type of average is “Mode”, which looks at which value repeats itself the most, so that would be whatever minimum wage is multiplied by 35 hours a week in this case, because that’s the most common wage thirty-year olds are getting these days.
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