The salaries of 7 employees at a company are shown. $43,000, $62,000, $53,000, $75,000, $61,000, $50,000, $48,000 When the salary of the chief executive officer (CEO) of the company is added to the list, the mean salary doubles. Which is the salary of the CEO of the company?

Add the given salaries:

43,000 + 62,000 + 53,000 + 75,000 + 61,000 + 50,000 + 48,000 = $392,000

The mean is 392,000 / 7 = $56,000

The mean salary doubles when the CEO is added, so the mean salary  would be 56,000 x  2 = 112,000

Multiply the new mean by a total of 8 people to get the total salaries:

112,000 x 8 = $896,000

Now to find the CEO salary, subtract the 7 person total from the 8 person total:

CEO Salary = 896,000 - 392,000 = $504,000

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