A company has 15 managers and 75 associates. The 15 managers have an average salary of $120,000. The 75 associates have an average salary of $30,000. What is the average salary for the company?
$35,000
$45,000
$55,000
$65,000
$75,000
Explanation:
The 15 managers have an average salary of $120,000. The sum of their salaries is:
sum = (average)*(number of salaries) = $120,000*15 = $1,800,000
The 75 associates have an average salary of $30,000. The sum of their salaries is:
sum = (average)*(number of salaries) = $30,000*75 = $2,250,000
When we add those two sums, we get the total payroll of all 90 employees.
$1,800,000 + $2,250,000 = $4,050,000
So, we have 90 employees, and together they earn $4,050,000, so the average is
average = $4,050,000 ÷90 = $45,000
The 15 managers have an average salary of $120,000. The sum of their salaries is:
sum = (average)*(number of salaries) = $120,000*15 = $1,800,000
The 75 associates have an average salary of $30,000. The sum of their salaries is:
sum = (average)*(number of salaries) = $30,000*75 = $2,250,000
When we add those two sums, we get the total payroll of all 90 employees.
$1,800,000 + $2,250,000 = $4,050,000
So, we have 90 employees, and together they earn $4,050,000, so the average is
average = $4,050,000 ÷90 = $45,000