Question: If a community\'s average household income is $60,000 and the goal is to increase it by 20% over 5 years, what will be the target average income?
Options:
$66,000
$70,000
$72,000
$75,000
Correct Answer: $72,000
Solution:
Target income = $60,000 * 1.20 = $72,000.
If a community's average household income is $60,000 and the goal is to increase
Practice Questions
Q1
If a community's average household income is $60,000 and the goal is to increase it by 20% over 5 years, what will be the target average income?
$66,000
$70,000
$72,000
$75,000
Questions & Step-by-Step Solutions
If a community's average household income is $60,000 and the goal is to increase it by 20% over 5 years, what will be the target average income?
Step 1: Identify the current average household income, which is $60,000.
Step 2: Determine the percentage increase goal, which is 20%.
Step 3: Convert the percentage increase into a decimal by dividing by 100. So, 20% becomes 0.20.
Step 4: Calculate the increase in income by multiplying the current income by the decimal. This is $60,000 * 0.20.
Step 5: Perform the multiplication: $60,000 * 0.20 = $12,000.
Step 6: Add the increase to the current income to find the target income. This is $60,000 + $12,000.
Step 7: Perform the addition: $60,000 + $12,000 = $72,000.
Step 8: The target average income after 5 years is $72,000.
Percentage Increase – Understanding how to calculate a percentage increase on a given value.
Basic Arithmetic – Applying multiplication to find the target value after a percentage increase.
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