Question

Listed below are the salaries, in $000, for a sample of 15 chief financial officers in the electronics industry. $ 516.0 $ 548.0 $ 566.0 $ 534.0 $ 586.0 $ 529.0 546.0 523.0 538.0 523.0 551.0 552.0 486.0 558.0 574.0 Click here for the Excel Data File Determine the mean, median, and the standard deviation.

Answer 1

The mean salary is $551.13 thousand, the median salary is $548 thousand, and the standard deviation is approximately $26.34 thousand.

Step-by-step explanation:

To find the mean, add up all the salaries and divide the sum by the number of salaries. In this case, we add up the 15 salaries and get a sum of $8,267.0. Dividing this sum by 15 gives us a mean salary of $551.13 thousand.

To find the median, we arrange the salaries in ascending order and find the middle value. In this case, the median salary is $548 thousand.

To find the standard deviation, we use the formula for sample standard deviation. Using the given formula and the given sample, we calculate the standard deviation to be approximately $26.34 thousand.

Answer 2

Mean = $542.00

Median = $546.00

Standard deviation = $25.08

Step-by-step explanation:

Mean

`\bar x=(516+548+566+534+586+529+546+523+538+523+551+552+486+558+574)/(15)\\\Rightarrow \bar x=542`

Mean = $542.00

Median

Arrange all numbers in ascending order

486 516 523 523 529 534 538 546 548 551 552 558 566 574 586

Here the number of elements is odd so the middle one is picked.

So, median is $546.00

Standard deviation

`s=\sqrt{(1)/(N-1)\sum_(i=1)^(N)(x_i-\bar{x})^2}\\\Rightarrow s=\sqrt{(676+36+576+64+1936+169+16+361+16+361+81+100+3136+256+1024)/(15-1)}\\\Rightarrow s=25.08`

∴ Standard deviation is $25.08