The table below shows the estimated number of millionaire ho

The table below shows the estimated number of millionaire households in the United States for selected years. (a) What is the percent increase in the estimated number of millionaire households from 1975 to 1997? % increase (b) Find the percent increase in the estimated number of millionaire households from 1997 to 2005. % increase

Solution

a) from given data table

estimated millionaire in 1975 = 3,50,000 = M1

estimated millionaire in 1997 = 3,500,000 = M2

now percetnage increase = [M2-M1]*100 / M1 = (3500000-350000)*100/ 350000 = 900 percentage increase

b)

estimated millinaire number in 1997 = 3500000 = M1

estimated millionaire number in 2005 = 5600000 = M2

percentage increase = (M2-M1)*100/M1 = (5600000-3500000)*100/3500000 = 60 percentage increase