Question

A typical high-income household in 1990 earned $191,028. A similar household in 2019 earned $286,138. What was the relative increase in income for these households from 1990 to 2019? Round to the nearest one percent.

Answer 1

answer!!

so basically:

To calculate the relative increase in income from 1990 to 2019, we can use the formula:

Relative Increase = (New Value - Old Value) / Old Value * 100

Given:

Old Value (1990) = $191,028

New Value (2019) = $286,138

Substituting the given values into the formula, we get:

Relative Increase = (286,138 - 191,028) / 191,028 * 100

Simplifying the numerator:

286,138 - 191,028 = 95,110

Simplifying the denominator:

191,028

Calculating the relative increase:

Relative Increase = (95,110 / 191,028) * 100

Dividing 95,110 by 191,028:

95,110 / 191,028 ≈ 0.4972

Multiplying by 100 to express as a percentage:

0.4972 * 100 ≈ 49.72

Rounding to the nearest one percent:

49.72 ≈ 50%

Therefore, the relative increase in income for a typical high-income household from 1990 to 2019 is approximately 50%.

explos!! - aydn