1. Income inequality and the poverty rate The following table summarizes the income distribution for the town of Perkopia, which has a population of 10,000 people. Every individual within an income group earns the same income, and the total annual income in the economy is $500,000,000. Suppose that in 2013, the poverty line is set at an annual income of $43,275 for an individual. Year Share of Total Income in Perkopia (Percent) Lowest Quintile Second Quintile Middle Quintile Fourth Quintile Highest Quintile 2001 3.2 8.0 14.0 21.8 53.0 2007 3.5 9.0 14.9 22.4 50.2 2013 3.8 9.6 15.0 22.7 48.9 2019 4.0 10.0 16.5 24.0 45.5 The data in the table suggest that there was income inequality from 2001 to 2019. Complete the following table to help you determine the poverty rate in Perkopia in 2013. To do this, begin by determining the total income of all individuals in each quintile using the fact that total annual income in the economy is $500,000,000. Next, determine the income of an individual in each quintile by dividing the total income of that quintile by the number of people in that quintile. (Hint: Recall that Perkopia has a population of 10,000 people.) Finally