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To find the median age, we need to first organize the ages in numerical order:
21, 24, 27, 29, 34, 42, 47, 49, 54
Since there are 9 ages, the median age is the middle number when the ages are in numerical order. In this case, the median age is the fifth number, which is 34.
Therefore, the median age of the group of friends is 34 years old.