Analysis on monthly incentive of 5 salesman shows the mean & median of the incentives is $7000. The mode among the observations is $12,000. Incentives paid to each salesman were in full thousands. What is the difference between the highest and the lowest?
Summarise the facts:
There are 5 salesmen and the mean of the incentives is 7,000
The median is 7,000 - in the middle
The mode is
The first value we can calculate is the TOTAL amount (the sum of all the incentives)
The middle value is 7000: So now, in order we have:
The remaining two values must add up to....
They have to be full thousands: The amounts must be different otherwise there will be two modes, (So, it is not
The five amounts are:
Highest - lowest =