A recent research report measured the $ net worth of Americans broken

Question

https://gmatclub.com/forum/download/file.php?mode=view&id=53224 A recent research report measured the $ net worth of Americans broken down by their percentile ranking between 1983 and 2007. For example, the top 1 percentile of Americans owned 42% of overall wealth accumulated during this time period. Fill each blank using the drop-down menu to create the most accurate statement on the basis of the information provided. 1. The report indicates that GRAPH_1_PLACEHOLDER times as much wealth came from the top 1% of Americans as came from the bottom 90%. 2. If, at the time of the report, there were $100M more in wealth from the bottom 99% than from the top 1%, then the amount of wealth in America at the time of the report was GRAPH_2_PLACEHOLDER . 12.jpg

Apt0810 · Answer

1)Top 1% = 42%
Bottom 90% =7+12 = 19%
So 19 = 2.21* 42,so answer is 2.21
2) 58-42 =16%of total = 100
So total = 625M

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SiffyB · Answer

1) The report indicates that_____________times as much wealth came from the top 1% of Americans as came from the bottom 90%.

A. 2.21
B. 2.56
C. 3.50
D. 6

According to the pie chart, top 1% of Americans own 42% of the total wealth. 
Let's take a look at how much wealth is accumulated by bottom 90%. For this, consider the bottom 80% and next 10% categories. Adding their wealth percent will tell us the total wealth of the bottom 90%. So, (7+12)% = 19%.
Now, we have to find the ratio of their wealths. So, 42% of x = k * 19% of x
42/100 * x = k * (19/100*x)
Upon simplification, we get: k = 42/19 = 2.21 (approx.)   Thus the correct answer is: Choice (A)

2) If, at the time of the report, there were $100M more in wealth from the bottom 99% than from the top 1%, then the amount of wealth in America at the time of the report was_____________.

A. $551M
B. $625M
C. $820M
D. $1.6B

We know that,
 wealth of bottom 99% + wealth of top 1% = total wealth of America
According to the question statement, we get to know that - 
wealth of bottom 99% = 100M + wealth of top 1%
58% of total wealth = 100M + 42% of total wealth
58% of total wealth - 42% of total wealth = 100M
16% of total wealth = 100M
total wealth = 100M / 16%
total wealth = 10^10 / 16 = 625M
  Therefore, the correct answer is option (B)

svsivakrishna · Answer

As per the chart,

1. The report indicates that_______ times as much wealth came from the top 1% of Americans as came from the bottom 90%.

Top 1% weightage of wealth = 42%
Bottom 90% combined weightage of wealth = 12+7=19% 
 42/19 ~ 2.21 times
 
2. If, at the time of the report, there were $100M more in wealth from the bottom 99% than from the top 1%, then the amount of wealth in America at the time of the report was ________ .

Top 1% wealth weightage = 42%
Bottom 99% wealth weightage = 100-42 = 58%

Difference = 58-42 =16% which is equivalent to 100 Million 
 Total wealth = 100% = (100/16)*100 mill = 625 mill 
.

TommasoP · Answer

For the second question I did:

O: the wealth of the 1%
X: overall wealth

O=(42/100)X
X-O=O+100

Solving for X we get X=625 (million)

A recent research report measured the $ net worth of Americans broken

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