The following data set lists the number of hours spent studying by a group of college students for a final exam: $12$, $8$, $15$, $10$, $14$, $9$, $11$, $13$, $7$, $10$, $12$, $8$, $14$, $7$, $13$, $10$, $12$, $9$, $11$, $13$. What is the $50$th percentile value for hours studied? How would you interpret this result?

$11$ hours

$50\%$ of the students studied $11$ hours or less, and $50\%$ studied $11$ hours or more

$11$ hours

All students studied for at least $11$ hours for the exam

$12$ hours

The average number of hours studied by the students is $11$

$12$ hours

$50\%$ of the students studied $12$ hours or less, and $50\%$ studied $12$ hours or more