Question

consider the following salaries for the executives of a certain company.
position\tsalary
president\t$180,000
1st vp\t$130,000
2nd vp\t$120,000
supervising manager\t$58,000
accounting manager\t$50,000
personnel manager\t$50,000
department manager\t$30,000
department manager\t$30,000
what is the mean?
$

Explanation:

Step1: Sum all salaries

First, we add up all the salary values: \(180000 + 130000 + 120000 + 58000 + 50000 + 50000 + 30000 + 30000\). Let's calculate this step by step:
\(180000+130000 = 310000\); \(310000+120000 = 430000\); \(430000+58000 = 488000\); \(488000+50000 = 538000\); \(538000+50000 = 588000\); \(588000+30000 = 618000\); \(618000+30000 = 648000\).

Step2: Count the number of positions

There are 8 positions (President, 1st VP, 2nd VP, Supervising manager, Accounting manager, Personnel manager, two Department managers). So \(n = 8\).

Step3: Calculate the mean

The formula for the mean \(\bar{x}=\frac{\sum x}{n}\), where \(\sum x\) is the sum of all values and \(n\) is the number of values. Substituting the values we found: \(\bar{x}=\frac{648000}{8}=81000\).

Answer:

\(81000\)