QuestionFind the median yearly salary of Americans with a master's and a bachelor's degree, given the conditions on their earnings.
Studdy Solution
STEP 1
Assumptions1. Let's denote the median yearly salary of an American with a bachelor's degree as B (in thousands of dollars).
. Let's denote the median yearly salary of an American with a master's degree as M (in thousands of dollars).
3. According to the problem, the salary of a person with a master's degree is 173,000. This can be written as B + M =173.
STEP 2
First, we will write down the two equations we have derived from the problem.
STEP 3
We can substitute the first equation into the second to eliminate M and solve for B.
STEP 4
implify the equation to solve for B.
STEP 5
Add70 to both sides of the equation.
STEP 6
Calculate the right side of the equation.
STEP 7
Divide both sides of the equation by3 to solve for B.
STEP 8
Calculate the value of B.
STEP 9
Now that we have the value for B, we can substitute it into the first equation to solve for M.
STEP 10
Calculate the value of M.
STEP 11
Calculate the final value of M.
The median yearly salary of an American with a bachelor's degree is 92,000.
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