Answer:
Median = $80,000 ; Mean = $84,000 ; Q1 = 67,000 ; Q3 = 106,000
Step-by-step explanation:
Given the data :
108 83 106 73 53 85 80 63 67 75 124 55 93 118 77
Reorderd data :
53, 55, 63, 67, 73, 75, 77, 80, 83, 85, 93, 106, 108, 118, 124
The median salary:
1/2(n+1)th term
Sample size, n = 15
1/2 (15 + 1)th term
1/2(16)th term
8th term = 80
Median is $80,000
Median reported by Wall Street Journal approximately $85000
The obtained and reported values are close
The mean annual salary :
ΣX / n = 1260 / 15 = 84
Mean annual salary = $84,000
Mean is the average of all earnings combined, median is the mid value of he data.
First and third quartile :
Q1 = 1/4(n+1)th term
Q1 = 1/4(16)th term
Q1 = 4th term = 67
Third quartile:.
Q3 = 3/4(n+1)th term
Q3 = 3/4(16)th term
Q3 = 12th term = 106
