Find the annual income for a 3-person family in Georgia: $61 , 104 .
Calculate the monthly income: 12 $61 , 104 = $5 , 092 .
Determine the condition for filing Chapter 7 bankruptcy: monthly income must be less than $5 , 092 .
State the final answer: The family’s monthly income must be less than $5 , 092.
Explanation
Find the annual income First, we need to determine the annual income for a family of three living in Georgia. According to the table, this is $61,104.
Calculate monthly income Next, we calculate the monthly income by dividing the annual income by 12:
Perform the division 12 61104 = 5092
Determine the condition for bankruptcy So, the monthly income for the family is $5 , 092 . In order to file for Chapter 7 bankruptcy, the family's monthly income must be less than $5 , 092 .
State the final answer Therefore, the correct answer is:
The family's monthly income must be less than $5 , 092 .
Examples
Understanding income thresholds is crucial in financial planning. For instance, knowing the income limits for bankruptcy can help families make informed decisions about their financial future. Similarly, understanding income limits for government assistance programs, such as food stamps or housing assistance, can help families determine their eligibility and access needed resources. This problem demonstrates how to calculate monthly income from annual income, a fundamental skill in personal finance.
In 30 seconds, approximately 2.81 x 10^21 electrons flow through the device when delivering a current of 15.0 A. This is calculated by first determining the total charge using the formula Q = I × t and then converting that charge into the number of electrons using the charge of a single electron. Thus, the number of electrons is around 2.81 x 10^21.
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