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Problem 38 Medium Difficulty

The total compensation (in millions of dollars) for the 10 highest paid CEOs in 2009 is given in the following table. Source: The Huffington Post.
a. Find the mean total compensation for this group of people.
b. Find the median total compensation for this group of people.

Answer

a. $\$ 32.98$ million.
b. $\$ 32.35$ million.

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Video Transcript

this question shows us the table of the highest paid CEOs and asks us to find first the mean We know that the mean explore is equal to the sum of all. The X is divided by the total number of data points here. We know that we have 10 data points, and when we add up, all our data using a calculator or even by hand will get that some of the excess is equal to 329.8. Remember, that's in millions of dollars. So all we have to do now is just a little bit of division. We have $329.8 million divided by 10. We'll get that. The mean salary for the top 10 highest paid CEOs is 32.98 million dollars. The next part wants us to find the median. Now we know that when ends equal to 10 the median is going to be the middle of, uh, entries number five and six. That's because there's not going to be a an entry that divided exactly in half. We won't have, um, something that's right in the middle, so we need to take an average of two. So what we're gonna do is we're gonna find the fifth highest in the sixth highest and then divide them by 2 70 than about about two. And that'll be our median. This list is actually already in order. It goes from highest to lowest. So here we know that X five or the fifth highest is 33.3 and x six is 31.4. So a little bit of calculating when we add them together and divide by two, we'll get that. The median is $32.35 million. That's the median salary for the highest pent 10 highest paid CEOs has your friend.