Business, 02.07.2021 03:10 miranda911

What percentage of income is spent on lottery tickets by Instructions: Enter your responses rounded to two decimal places. a. A low-income family with an income of $20,000 per year

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a. The percentage of income spent on lottery tickets by a low-income family with an income of $20,000 per year is 5.50%.

b. The percentage of income spent on lottery tickets by a middle-income family with an income of $60,000 per year is 0.50%.

Explanation:

Note: This question is not complete. The complete question is therefore provided before answering the question. See the attached pdf for the complete question.

Explanation of the answers is now provided as follows:

a. What percentage of income is spent on lottery tickets by a low-income family with an income of $20,000 per year.

From the attached question, we have:

Amount spent by households with less than $25,000 of income a year on lottery tickets = $1,100

Therefore, we have:

Percentage spent by family with $20,000 income per year on lottery tickets = (Amount spent by households with less than $25,000 of income a year on lottery tickets / $20,000) = ($1,100 / $20,000) * 100 = 5.50%

Therefore, the percentage of income spent on lottery tickets by a low-income family with an income of $20,000 per year is 5.50%.

b. What percentage of income is spent on lottery tickets by a middle-income family with an income of $60,000 per year.

From the attached question, we have:

Amount spent by households with more than $50,000 of income a year on lottery tickets = $300

Therefore, we have:

Percentage spent by family with $60,000 income per year on lottery tickets = (Amount spent by households with more than $50,000 of income a year on lottery tickets / $60,000) * 100 = ($300 / $60,000) * 100 = 0.50%

Therefore, the percentage of income spent on lottery tickets by a middle-income family with an income of $60,000 per year is 0.50%.

Answer from: Quest

the investment was $14,174.196

explanation:

a lump sum means that the father of the example made one deposit and leave it be.

we need to know the value of a capital that generated at 4.05% per year during 28 years the sum of $48,613.24

$capital * (1+0.045)^{28} = 48,613.24$

now clearing the formula to solve for capital we got:

$capital = \frac{48,613.24}{(1+0.045)^{28}}$

and we reach the answer investment = $14,174.20

Answer from: Quest

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