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 highest 60 percent of the income receivers in population A?

Question

Quizplus · Accepted Answer

The highest 60% of income receivers in population A are Al, Bob, and Curt. Their incomes are $5,000, $2,500, and $1,250 respectively. The total income of these three is $8,750. The total income of the entire population is $10,000 ($5,000 + $2,500 + $1,250 + $750 + $500). The percentage of total income received by the highest 60% is ($8,750 / $10,000) * 100 = 87.5%.

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