Question

Asked Mar 20, 2019

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Assuming the lowest decile of men receive an average of $800/month in Social Security, while the highest decile receive $2200/month in Social Security how much does each receive (on average) during their years in retirement. Use the chart called: Predictive Years of Receiving Social Security Benefits. Also use the born in 1940 data.

Step 1

**Introduction:**

Observe the “Born in 1940” curve in the given graph. The average of the lowest decile, marked as “Bottom” is $800 and the average of the highest decile, marked as “Top” is $2,200, both per month.

Now, the deciles are all equally-spaced. Thus, the averages of each decile must also be equally-spaced.

The range of the averages is: (average of the highest decile) – (average of the lowest decile) = 2,200 – 800 = 1,400.

Now, starting from the average of the first decile, if the constant quantity, say, *c* is added once, the average of the second decile is obtained; if 2*c* is added to the first decile average, the ave...

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