Salaries of Personnel

A small company consists of the owner, the manager, the salesperson, and two technicians, all of whose annual salaries are listed here. (Assume that this is the entire population.)

Find the mean, median, and mode.

\mu = \frac{ΣX}{N} =\frac{\$100,000 + 40,000 + 24,000 + 18,000 + 18,000}{5} = \frac{\$200,000}{5} = \$40,000

Hence, the mean is $40,000, the median is $24,000, and the mode is $18,000.