Question

Suppose the average yearly salary of an individual whose final degree is a master's is $3333 thousand less than twice that of an individual whose final degree is a bachelor's. Combined, two people with each of these educational attainments earn $117 thousand. Find the average yearly salary of an individual with each of these final degrees.

Answer 1

The figure $3333 thousand seems to be incorrect. We are assuming the correct figure to be $ 33000.

Let the average yearly salaries of the individual whose final degree is a master's and the individual whose final degree is a bachelor's be $ x and $ y respectively.

Since the combined salaries of two people with each of these educational attainments is $ 117000, hence x+y = 117000…(1).

Also, since the average yearly salary of the individual whose final degree is a master's is $3333000 less than twice that of the individual whose final degree is a bachelor's, hence x = 2y- 33000…(2)

Now, on substituting x = 2y -33000 in the 1^st equation, we get 2y-33000+y = 117000 or, 3y = 117000 +33000 = 150000. Therefore, y = 150000/4 = 50000. Then x = 2*50000-33000 = 100000-33000 = 67000.

Thus, the average yearly salaries of the individual whose final degree is a master's is $ 67000 and the average yearly salaries of the individual whose final degree is a bachelor’s is $ 50000.