Question

Marco has a company with 80 employees whose salaries are summarized in the frequency distribution below.

Salary ($) Employees
5,001 - 10,000 17
10,001-15,000 12
15,001-20,000 12
20,001-25,000 15
25,001-30,000 24
Find the mean salary.

Answer 1

The mean salary is $11,993.75.

Step-by-step explanation:

The mean salary can be calculated by multiplying each salary by the number of employees who earn that salary, summing up the results, and then dividing by the total number of employees.

($5,001 - $10,000) * 17 + ($10,001 - $15,000) * 12 + ($15,001 - $20,000) * 12 + ($20,001 - $25,000) * 15 + ($25,001 - $30,000) * 24 = $959,500

Mean salary = $959,500 / 80 = $11,993.75