What are the FIVE R's?

A Small Accounting Firm Pays Each Of Its Five Clerks Rs.25000,two Junior Accountants Rs.60000 And Firm's Owner Rs.255000.What Is The Mean Salary Paid At This Firm?How Many Of The Employee Earn Less Than The Mean?What Is The Median Salary?

• Answer:

  The mean salary paid at the firm isx'13= (N1x'1+N2x'2+N3x'3)/(N1+N2+N3)where, N1 = 5, N2 = 2, N3 = 1           x'1 = 25000, x'2 = 60000, x'3 = 255000=> x'13= {(5*25000) + (2*60000) + (1*255000)}/(5+2+1)           = (260000+120000+255000)/8           = Rs. 62,500Therefore, the mean salary paid at the firm is Rs. 62,500. No. Of employees who earn less than the mean is 7.The salaries of employees are 25000,25000,25000,25000,25000,60000,60000,255000.Thus, the median will be = (25000+25000)/2 = 25000