Final answer:
The midrange of the home prices, calculated by adding the lowest ($164,000) and highest ($1,244,000) home prices and dividing by 2, is $704,000.
Step-by-step explanation:
To calculate the midrange of the cost of the given five homes, we first identify the highest and the lowest prices from the list provided. The prices are $166,000, $174,000, $194,000, $164,000, and $1,244,000. Therefore, the lowest price is $164,000, and the highest is $1,244,000.
Next, we add the lowest and highest prices together and divide by 2 to find the midrange:
Midrange = (Lowest price + Highest price) / 2
Midrange = ($164,000 + $1,244,000) / 2
Midrange = $1,408,000 / 2
Midrange = $704,000
The midrange of the home prices is $704,000.