What is the median of the following monthly rents: $775, $800, $750, $825, $875, $850, $850, $750, $775, $850, $800, $800, $750, $900, $875?

To find the median of a set of numbers, the first step is to arrange the numbers in ascending order. For the given monthly rents: $775, $800, $750, $825, $875, $850, $850, $750, $775, $850, $800, $800, $750, $900, $875, the sorted list becomes:

$750, $750, $750, $775, $775, $800, $800, $800, $850, $850, $850, $875, $875, $800, $900.

Once the numbers are sorted, the next step is to find the median. The median is defined as the middle value in a data set when arranged in order. If the number of observations is odd, the median is simply the middle number. If the number of observations is even, the median is the average of the two middle numbers.

In this case, there are 15 values in the sorted list, which is odd. Therefore, to find the median, we need to locate the 8th value in this list (since (15 + 1) ÷ 2 = 8). Counting through the ordered list, the