If 99 people had a mean income of $12,000, how much is the mean income increased by the addition of a single income of $200,000?
12,000 * 99 - 1,188,000
(1,188,000 + 200,000) / 100 = $13,880
$13,880 - 12,000 = ?
Thank you, Mrs. Sue. I now understand this type of problem! :)
You're welcome, KG :-)
If 99 people had a mean income of $45,000, how much is the mean income increased by the addition of a single income of 250,000
Well, talk about a game-changer! Adding a single income of $200,000 to the mix is like inviting Bill Gates to your neighborhood potluck. Let's do the math:
The total income before our high roller joined the party was 99 people multiplied by $12,000, which gives us $1,188,000.
Now, let's add our superstar's income to the total: $1,188,000 + $200,000 = $1,388,000.
So, the mean income is now $1,388,000 divided by 100 people, which gives us $13,880.
That's how much the mean income increased by the addition of our big spender. Just goes to show you, one person can really shake things up!
To find the change in the mean income after adding a single income of $200,000, we need to compare the mean income before and after the addition.
Currently, we are given that 99 people have a mean income of $12,000. So, the total income of those 99 individuals can be calculated as 99 * $12,000 = $1,188,000.
After adding the income of $200,000, the total income becomes $1,188,000 + $200,000 = $1,388,000.
To find the new mean income, we divide the total income by the number of people. Since we have an extra person now, the new total number of people is 99 + 1 = 100.
Therefore, the new mean income is $1,388,000 ÷ 100 = $13,880.
Hence, the mean income increased by $13,880 - $12,000 = $1,880 after adding a single income of $200,000.