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Math Help - Determining Percentage Change of annual income

  1. #1
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    Question Determining Percentage Change of annual income

    The question is: Determine the overall percent change of the total annual income for all three income groups.

    I'm a little confused here. Am I giving the percent change of (for example):
    %change of Lowest 20% earners from 1997 to 2006? .. Would I divide the 1997 income by the 2006 income?



    This is the data given:

    Year Lowest 20% Of Earners Highest 20% Of Earners Middle 20% Of Earners
    1977 12000 122500 54200
    1978 11800 126400 54000
    1979 13100 121100 54200
    1980 13700 123200 55700
    1981 14600 123200 54700
    1982 14300 122300 51600
    1983 12800 127600 50100
    1984 13900 126300 51700
    1985 14800 130700 53200
    1986 15100 134300 54900
    1987 15800 137000 56000
    1988 15700 142800 57300
    1989 16800 147800 58200
    1990 15500 143100 55900
    1991 14300 139100 51600
    1992 13900 137400 52400
    1993 14100 136700 49700
    1994 14100 136300 50700
    1995 14300 139900 50500
    1996 13000 141900 49900
    1997 13200 146500 49800
    1998 13600 153900 52000
    1999 13500 162300 53900
    2000 14300 169600 55300
    2001 14700 169400 55800
    2002 14700 167800 55600
    2003 14800 166700 55700
    2004 14200 170600 55700
    2005 14300 168500 56500
    2006 14700 168000 56900
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  2. #2
    MHF Contributor ebaines's Avatar
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    Re: Determining Percentage Change of annual income

    To calculate the "percent change" you subtract the original value from the final value, then divide by the original value and convert to a percentage, For example: from your data in 1977 the lowest 20% had a median income of $12000, which grew to $14,600 in 1996, so the percent change is:

     \frac {14600-12000}{12000} = \frac {2600}{12000} = 0.2167 = 21.67\% increase.
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