A family has an average income of $50,000. If the father earns $60,000 and the m
Practice Questions
Q1
A family has an average income of $50,000. If the father earns $60,000 and the mother earns $40,000, what is the average income of their two children if the total family income is $200,000?
$40,000
$50,000
$60,000
$70,000
Questions & Step-by-Step Solutions
A family has an average income of $50,000. If the father earns $60,000 and the mother earns $40,000, what is the average income of their two children if the total family income is $200,000?
Step 1: Identify the total family income, which is given as $200,000.
Step 2: Find the father's income, which is $60,000.
Step 3: Find the mother's income, which is $40,000.
Step 4: Calculate the combined income of the father and mother by adding their incomes: $60,000 + $40,000 = $100,000.
Step 5: Subtract the combined income of the parents from the total family income to find the total income of the children: $200,000 - $100,000 = $100,000.
Step 6: Since there are two children, divide the total income of the children by 2 to find the average income: $100,000 / 2 = $50,000.
Average Income Calculation – Understanding how to calculate average income by dividing total income by the number of individuals.
Total Income Deduction – Ability to subtract known incomes from the total to find unknown incomes.
