Assume there are four families in a country. The average per capita income of these families is ₹5000. If the income of three families is ₹4000, ₹7000 and ₹3000 respectively, what is the income of the fourth family?
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(iv) ₹6000
To find the income of the fourth family, we’ll use the formula for average income:
Average income = Total income / Number of families
Given:
Average per capita income of the four families = ₹5000
Total income of the three families = ₹4000 + ₹7000 + ₹3000 = ₹14000
Number of families = 3 (since income information is given for only three families)
Let the income of the fourth family be ‘x’.
Average income = Total income / Number of families
₹5000 = (₹14000 + x) / 4 (as there are four families in total)
₹5000 * 4 = ₹14000 + x
₹20000 = ₹14000 + x
x = ₹20000 – ₹14000
x = ₹6000
Therefore, the income of the fourth family is ₹6000.