I've just taken Probability and Statistics exam and here is the question that becomes a hot debate among my friends in the classroom:
What is the median of a random variable that follows a Poisson distribution with parameter $\lambda=5$?
$(\text{A})\,\,\,4\quad\quad(\text{B})\,\,\,5\quad\quad(\text{C})\,\,\,6\quad\quad(\text{D})\,\,\,7\quad\quad(\text{E})\,\,\,8$
Here is my attempt:
Let $X$ be a random variable that follows a Poisson distribution with parameter $\lambda=5$, then we have $P(X\le4)\approx0.440493$ and $P(X\le5)\approx0.615961$. So, it's clearly the median $(x_{50})$ of $X$ is between $4$ and $5$, more precisely $x_{50}\approx4.32937026824559119408$ obtained by a computer program. Unfortunately, we are only allowed to use a simple scientific calculator so basically it's difficult to obtain that precise value using a simple scientific calculator by trial and error or Newton method due to time limit. I managed to obtain $x_{50}\approx4.33$ by trial and error method, so I answered $4$ because I rounded to the nearest integer. But some of friends argued and they answered $5$ because they used the nearest rank method, $x_{50}=\lceil4.33\rceil=5$.
What exactly is the answer? Please explain. Thanks.
