In 1979 women earned .63 to each $ earned by a man. 2003 women earned 80% of what men earned. Since 2003 women lost 0.8% in earnings If the current median income for a man is 40,688 what is the median income for a woman?
If I'm reading the problem correctly, women earn 79.2% of what a man earns.
0.792 * 40,688 = $32,224.896 = #2,224.90
32,224.896 = $32,224.90
To determine the median income for a woman, we need to follow a series of calculations. Here's how you can get the answer:
Step 1: Calculate the income ratio in 1979.
In 1979, women earned 0.63 for every $1 earned by a man. To find the income ratio, divide 0.63 by 1:
Income ratio in 1979 = 0.63 / 1 = 0.63.
Step 2: Calculate the income ratio in 2003.
In 2003, women earned 80% of what men earned. To find the income ratio, divide 80 by 100 (to convert it to a decimal):
Income ratio in 2003 = 80 / 100 = 0.80.
Step 3: Calculate the income decrease since 2003.
Since 2003, women lost 0.8% in earnings. To find the remaining income ratio, subtract 0.8 from 1 (to account for the loss):
Remaining income ratio = 1 - 0.8 = 0.20.
Step 4: Calculate the current median income for a woman.
To find the median income for a woman, multiply the remaining income ratio with the median income for a man:
Median income for a woman = Remaining income ratio * Median income for a man.
Median income for a woman = 0.20 * 40,688 = 8,137.6.
Therefore, the median income for a woman is $8,137.6. Keep in mind that the calculations provided are based on the given information and assumptions made.