Question

In 2012, an estimated 7.8 million Mexican-born immigrants were employed in the United States a. If 60 percent of the Mexican-born immigrants remitted money to family members in Mexico in 2012, and if they each sent $100 per month, how much money did they remit in total for the year? Instructions: Round your answer to 3 decimal places. billion b. If, instead, 100 percent of the Mexican-born immigrants remitted money to family members in Mexico in 2012, and if they each sent $250 per month, how much money did they remit in total for the year? Instructions: Round your answer to 1 decimal place. billion c. The actual amount remitted to Mexico in 2012 by Mexican-born immigrants living in the United States was about $22 billion. If we assume that 75 percent of the Mexican-born immigrants remitted money to Mexico that year and if we further assume that each of those immigrants remitted an equal amount each month, how much per month did each of those immigrants have to remit to total $22 billion for the year? Instructions: Round your answer to 2 decimal places. (Do not round intermediate calculations.) per month

Answer 1

a.60% of 7.8 million = 4.68 million.Total remittance per month = 4.68*100million=468million.Total money remitted in an year=468million*12= 5.616billion

b.if all the 7.8 million mexicans remitted $250 every month then total money remitted in a year =7.8million*250*12=23.4billion

c.If we divide a total of 22 billion by 12 then we get the monthly remittance which is 1833.33million and further divide it by 75%of the 7.8million mexicans i .e 5.85 million, we get $313.39per month (Answer).