what is the percentage of income received by the second quintile of the income distribution of paddy's cousins? round your answer to the nearest ten

Income is money earned over time in exchange for providing a service, selling a product, or investing. It is the inverse of expenses, which are sums of money spent over time. Wages, salaries, self-employment, investments, and government benefits are all examples of sources of income.

Solution to the correct question:

A Quintile is one-fifth or 20% of the total population, as opposed to a Quartile, which is one-quarter or 25% of the total population.

The first quintile is one-fifth, and the fifth quintile is five-fifths.

Step 1: Sort into 5 groups and arrange from lowest to highest.

First Quintile: 8,000, 14,000, and 22,000

Second Quintile: 26,000, 38,000, 46,000

Third Quintile: 52,000, 54,000, 62,000

Fourth Quintile: 80,000, 92,000, 96,000

5th Quintile: 110,000, 118,000, 132,000

Step 2: Take the total of the fifth quintile and divide it by the total of Paddy's cousins' 15 incomes.

110000+118000+132000= $360,000 in the fifth quintile

8000+14000+22000+26000+38000+46000+80000+54000+62000+80000+92000+96000+110000+118000+132000= $950,000

Paddy's Cousins' 5th Quintile Income Percentage= 360,000/950,000= 37.9%

Step 3: Look into the 5th Quintile's share of total income in the United States in 2005.

This same study calculated the percentage of total income accounted for by the 5th Quintile, which is 50.4%.

Therefore,Paddy's Cousins' 5th Quintile Income Proportion = 37.9%

In 2005, the 5th Quintile Income Proportion in the United States was 50.4%.

In 2005, the highest quintile of Paddy's Cousins received less income than the highest quintile of the US income distribution.

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Thus the correct question is provided here:

Paddy has lots of cousins. With a family reunion in the near future, Paddy decides to collect income information for himself and all his cousins. He obtains the following data points: $52,000, $22,000, $92,000, $8,000, $118,000, $62,000, $38,000, $14,000, $132,000, $46,000, $26,000, $96,000, $54,000, $110,000, $80,000. The share of income received by the highest quintile of this income distribution is ________________, which is than that for the highest quintile of the U.S. income distribution in 2005.