Question

I have a problem i need explanation

Problem:
Retirement seems a long way off and we need money now, so savings for retirement is hard. Once every three years, the Board of Governors of the Federal Reserve System collects data on household assets and liabilities through the Survey of Consumer Finances (SCF). The most recent such survey was conducted in 2007, and the survey results were released to the public in April 2009. The survey presents data on household ownership of, and balances in, retirement savings accounts. Only 53.6% of households own retirement accounts. The mean value per household is $148,5479, but the median value is just $45,000. For households in which the head of household is under 35, 42.6% own retirement accounts, the mean is $25,279, and the median is $9,600. What explains the differences between the two measure of center, both for all households and for the under-35 age group?

Answer 1

GIVEN THAT:

SOLUTION:

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