How do I return the most frequently occurring text value in range of text values in a Google Docs spreadsheet?

Question

I have a range B2:B7 which contains text values that stand for something, but what I want is to have a cell display the text value that comes up the most in that range.

So for example if my range contained the text values {"red", "green", "green", "blue", "green", "blue"}, the average value displayed in the cell would be "green".

How do I do this?

Answer 1

=SORTN(A1:A7,1,2,COUNTIF(A1:A7,A1:A7),0)