Here are the summary statistics for the weekly payroll of a small company: lowest salary = $300,

Question:

Here are the summary statistics for the weekly payroll of a small company: lowest salary = $300, mean salary = $700, median = $500, range = $1200, IQR = $600, first quartile = $350, standard deviation = $400.
a) Do you think the of salaries is symmetric, skewed to the left, or skewed to the right? Explain why.
b) Between what two values are the middle 50% of the salaries found?
c) Suppose business has been good and the company gives every employee a $50 raise. Tell the new value of each of the summary statistics.
d) Instead, suppose the company gives each employee a 10% raise. Tell the new value of each of the summary statistics.
Distribution
The word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most...