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In a company of only 20 employees, 10 employees make $80,000
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23 Sep 2016, 14:27
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In a company of only 20 employees, 10 employees make $80,000/yr, 6 employees make $150,000/yr, and the 4 highest-paid employees all make the same amount. If the average annual salary for the 20 employees is $175,000/yr, then what is the annual salary of each highest-paid employee? (A) $250,000 (B) $300,000 (C) $350,000 (D) $400,000 (E) $450,000
Re: In a company of only 20 employees, 10 employees make $80,000
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23 Sep 2016, 14:28
GreenlightTestPrep wrote:
In a company of only 20 employees, 10 employees make $80,000/yr, 6 employees make $150,000/yr, and the 4 highest-paid employees all make the same amount. If the average annual salary for the 20 employees is $175,000/yr, then what is the annual salary of each highest-paid employee? (A) $250,000 (B) $300,000 (C) $350,000 (D) $400,000 (E) $450,000
Weighted average of groups combined = (group A proportion)(group A average) + (group B proportion)(group B average) + (group C proportion)(group C average) + etc
NOTE: To make things easier, let's drop the thousands and write $80 instead of $80,000
Let x = the annual salary of each highest-paid employee Plug values into the formula to get: 175 = (10/20)(80) + (6/20)(150) + (4/10)(x) Simplify: 175 = 40 + 45 + x/5 Simplify: 90 = x/5 Solve: x = 450
So, the annual salary of each highest-paid employee is $450,000 Answer:
Re: In a company of only 20 employees, 10 employees make $80,000
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30 Sep 2022, 23:28
Given that In a company of only 20 employees, 10 employees make $80,000/yr, 6 employees make $150,000/yr, and the 4 highest-paid employees all make the same amount. If the average annual salary for the 20 employees is $175,000/yr, then what is the annual salary of each highest-paid employee
Theory : Weighted Average = \(\frac{((Weight1∗Value1) + (Weight2∗Value2)…+ (WeightN∗ValueN))}{(Weight1 + Weight2 + ... WeightN)}\)
Let average salary of 4 highest employees be $ x
=> Average Annual Salary of 20 employees = \(\frac{10*80,000 + 6*150,000 + 4*x }{ 20}\)