Suppose the members of population A, consisting of Al, Bob, Curt, Doris, and Ellie, receive annual incomes of $5,000, $2,500, $1,250, $750, and $500, respectively.What percentage of total income is received by the richest quintile?

Question

Quizplus · Accepted Answer

The richest quintile refers to the top 20% of the population. In this case, Al is the richest individual, earning $5,000. The total income of the population is $10,000. Therefore, the percentage of total income received by Al is ($5,000 / $10,000) * 100 = 50%.

Suppose the Members of Population A, Consisting of Al, Bob