The average weekly median household income in a country from 2010 through 2014 was $1007.

Question

What is the least average weekly median household income for 2015 that would keep an average of at least $1000?

Answer 1

If the average weekly median income from the five year period from 2010 to 2014 equals $1007, then the total median income over those years equals $5035 ($1007 * 5).

If the average weekly median income from the six year period from 2010 to 2015 equals $1000, then the total median income over those years equals $6000 ($1000 * 6).

So, this question essentially asks us to find the weekly median income in 2015 such that the total median income from 2010-2015 equals $6000. We find that $6000 - $5035 = $965, our final answer.

Answer 2

The first average for the years 2010 to 2014 are represented with the following calculation:

(Sum of all average incomes) / 5 = $1007

We divide the total sum by the amount of years included in the average (2010, 2011, 2012, 2013, 2014). So now you can find the sum of all your average incomes by solving the the sum above:

Sum of all average incomes = $1007 * 5 = $5035

Now with this sum to calculate the average for the years 2010 to 2015 we have to add the least average income to make the overall average at least 1000. In other words we have the following equation

($5035 + x)/6 = 1000

Where x represents the least average income we can add so that the average median income for the years 2010 to 2015 is at least $1000. Now you will just have to solve for x!

Answer 3

average = sum of values/number of values

for 2010 through 2014 (5 years)

1007 = sum of values/5

sum of values for 2010 through 2014 = 5035

for 2010 through 2015 (6 years)

1000 = sum of values/6

sum of values for 2010 through 2015 = 6000

So for 2015, value must be 6000 - 5035 = $965