The top salary is $4,500,000. Suppose that incomes in a company have the following probabilities. Income Probability
Question:
Suppose that incomes in a company have the following probabilities.
Income Probability
20,000 ...... 0.48
30,000 ...... 0.04
35,000 ...... 0.16
50,000 ...... 0.12
57,000 ...... 0.04
100,000 ...... 0.08
150,000 ...... 0.04
top salary ... 0.04
For the given values of the top salary, find the mean, median, and mode, and say which statistic is most informative about the distribution of salaries.
Distribution
The word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most...
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The mean is 218680 the median is 30000 and ...View the full answer
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Related Book For 
Modeling the Dynamics of Life Calculus and Probability for Life Scientists
ISBN: 978-0840064189
3rd edition
Authors: Frederick R. Adler
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