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To find the median price, we first need to arrange the prices in ascending order:
$1.00, $1.00, $2.00, $2.00, $4.00, $4.00, $5.00, $7.00
Since there are 8 items, the median is the average of the 4th and 5th numbers in the list.
Median = ($2.00 + $2.00)/2
Median = $2.00
Therefore, the median price of the items is $2.00.