Question

What percentage of income is spent on lottery tickets by Instructions: Enter your responses rounded to two decimal places. a. A low-income family with an income of $20,000 per year

Answer 1

Answer:

a. The percentage of income spent on lottery tickets by a low-income family with an income of $20,000 per year is 5.50%.

b. The percentage of income spent on lottery tickets by a middle-income family with an income of $60,000 per year is 0.50%.

Explanation:

Note: This question is not complete. The complete question is therefore provided before answering the question. See the attached pdf for the complete question.

Explanation of the answers is now provided as follows:

a. What percentage of income is spent on lottery tickets by a low-income family with an income of $20,000 per year.

From the attached question, we have:

Amount spent by households with less than $25,000 of income a year on lottery tickets = $1,100

Therefore, we have:

Percentage spent by family with $20,000 income per year on lottery tickets = (Amount spent by households with less than $25,000 of income a year on lottery tickets / $20,000) = ($1,100 / $20,000) * 100 = 5.50%

Therefore, the percentage of income spent on lottery tickets by a low-income family with an income of $20,000 per year is 5.50%.

b. What percentage of income is spent on lottery tickets by a middle-income family with an income of $60,000 per year.

From the attached question, we have:

Amount spent by households with more than $50,000 of income a year on lottery tickets = $300

Therefore, we have:

Percentage spent by family with $60,000 income per year on lottery tickets = (Amount spent by households with more than $50,000 of income a year on lottery tickets / $60,000) * 100 = ($300 / $60,000) * 100 = 0.50%

Therefore, the percentage of income spent on lottery tickets by a middle-income family with an income of $60,000 per year is 0.50%.

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