Question

In Rumpletick, 1/2 of 1% of the town's 100,000 families have incomes over 80,000 per year. How many families with incomes over 80,000 per year are in Rumpletick?

Answer 1

To determine the number of families in Rumpletick with incomes over $80,000 per year, we multiply 1/2 of 1% by 100,000, resulting in 500 families.

Step-by-step explanation:

In Rumpletick, 1/2 of 1% of the town's 100,000 families have incomes over $80,000 per year. To find out how many families this is, we first convert the percentage to a decimal and then multiply by the number of families. The conversion goes like this: 1/2 of 1% is 0.5% which equals 0.005 in decimal form. Next, we use this decimal to calculate the number of families:

Number of families with income over $80,000 = 0.005 × 100,000 = 500 families.

This calculation helps us understand the proportion of families in different income brackets, which is an essential aspect of studying socioeconomic distributions in a given population.