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Suppose household 1 earns $39,880 and household 2 earns $55,622, and that the intergenerational correlation of earnings is 0.61. What is the expected percent difference

Suppose household 1 earns $39,880 and household 2 earns $55,622, and that the intergenerational correlation of earnings is 0.61. What is the expected percent difference in wages between children? Enter your number in decimal form and round to two decimal places (i.e. if your answer is 54.63%, enter .54 or .55 as your answer).

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