Question

consider the following salaries for the executives of a certain company.
position\tsalary
president\t$180,000
1st vp\t$140,000
2nd vp\t$110,000
supervising manager\t$62,000
accounting manager\t$40,000
personnel manager\t$40,000
department manager\t$30,000
department manager\t$30,000
what is the median?
$

Explanation:

Step1: Order the salaries

First, we list the salaries in ascending order: $30,000, $30,000, $40,000, $40,000, $62,000, $110,000, $140,000, $180,000.

Step2: Find the middle position

There are 8 data points. The median for an even number of data points is the average of the two middle numbers. The middle positions are the 4th and 5th values.

Step3: Calculate the median

The 4th value is $40,000 and the 5th value is $62,000. The median is $\frac{40000 + 62000}{2}=\frac{102000}{2} = 51000$.

Answer:

$51,000$