A group of 10 golfing buddies have the following annual incomes: $32,000, $12,000, $56,000,
$120,000, $10,000, $38,000, $70,000, $16,000, $20,000, $24,000. The share of income received by the third quintile of this income distribution is

Question

Quizplus · Accepted Answer

The third quintile consists of the 5th and 6th lowest incomes: $16,000 and $20,000. Their total is $36,000. The total income of all is $398,000. The share is $36,000 / $398,000 = 9.05%. However, the third quintile should be $24,000 and $32,000, totaling $56,000, giving a share of $56,000 / $398,000 = 14.1%.

A Group of 10 Golfing Buddies Have the Following Annual