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7. The following table shows information for three different families. Make sure to perform both median income and means tests for all three families. (12
7. The following table shows information for three different families. Make sure to perform both median income and means tests for all three families. (12 points: Part I - 3 points; Part II - 2 points; Part III - 3 points; Part IV - 1 point; Part V - 3 points) Annual State of Median Annual Income of the Monthly Income Residence State of Residence Expenses The Normans $53,621 lowa 548,980 $4278 The Perrys $62,957 Hawaii $67,214 $5036 The Harrisons 556,887 Oregon $50,169 $4591 Part I: Do the Normans qualify for Chapter 7 bankruptcy? Why or why not? Which test, if any, do they pass/fail
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