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 quintile?

Question

Quizplus · Accepted Answer

The highest quintile in this population consists of only the highest earner, Al, who earns $5,000. The total income of the population is $5,000 + $2,500 + $1,250 + $750 + $500 = $10,000. Al's income as a percentage of the total income is ($5,000 / $10,000) * 100% = 50%.

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