Question

The following table shows the estimated number of millionaire households (households with a net worth of at least $1 million, not including primary residence) in a certain country for selected years.YearMillionaire Households20159,200,00020169,380,00020179,640,00020189,960,000(a) What is the percentage increase in the estimated number of millionaire households from 2017 to 2018? Round to the nearest tenth of a percent. _______%(b)If the percentage increase between 2017 and 2018 continued for 2018 and 2019, how many millionaire households would there be in 2019? Round to the nearest ten thousand. _______ millionaire households

Answer 1

a)

The percentage increase from 2017 to 2018 is:

`(9960000-9640000)/(9640000)*100=3.3`

Therefore the increase from 2017 to 2018 is 3.3%

b)

To determine how many millionaire we multiply the percent in decimal form we found from the number in 2018, then we have:

`9960000*(3.3)/(100)=328,680`

Rounded to the neares ten thousand we have 330,000; adding this to the population in 2018. we conclude that the number of millionaire in 2019 is:

`10,290,000`