Homeschool Memories: Bill Gates Proportions II

Once upon a time, when my kids and I were young…

Later the same year, not too long after our discussion of the Bill Gates proportions, I stumbled on some more data. I discovered that the median American family’s net worth was $93,100 in 2004, most of that being home equity.

This gave me another chance to play around with proportions. And since I was preparing a workshop for our regional homeschooling conference, I wrote a sample problem:

The median American family has a net worth of about $100 thousand. Bill Gates has a net worth of $56 billion. If Average Jane Homeschooler spends $100 in the vendor hall, what would be the equivalent expense for Gates?

In the last post, I explained that a proportion sets two ratios equal to each other, like equivalent fractions. Each ratio must compare similar thing to similar thing in the same order.

In this case, we are interested in the ratio “Expense compared to Net Worth.”

Substitute the numbers:

How Can We Make the Fractions Equivalent?

To solve the proportion, we need to find the number that makes it true. What will make these fractions equal to each other?

First we figure out how the denominators relate, and then multiply the numerator by the same amount:

100 × 560,000 = 56,000,000

So Jane’s $100 is proportionally the same as $56 million to Bill Gates.

Hm. I can’t resist books, and the vendor hall is temptation beyond bearing. Like the crafty politician promoting his latest tax plan, I can absolve myself with a pious claim: “It’s for the children.”

Yes, I admit it, I did hit the vendor hall after my workshop.

And I may have spent the equivalent of $100 million or more, in Bill Gates dollars.

Now Your Turn

Here’s your journaling prompt:

Bring the numbers up to date, with current data. Look up the average family’s net worth in these inflation-ridden days and compare with the billionaire you chose for last week’s prompt.

If you had $100 to play with, what would you buy? And how much would you be spending in “billionaire dollars”?