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After paying a 10 percent tax on all income over $3,000, a  post reply Question banks Downloads My Bookmarks Reviews Important topics Author Message Director Joined: 05 Jan 2008 Posts: 690 Followers: 5 Kudos [?]: 472 [1] , given: 0 After paying a 10 percent tax on all income over$3,000, a [#permalink]

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24 May 2008, 06:05
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After paying a 10 percent tax on all income over $3,000, a person had a net income of$12,000. What was the income before taxes?

(A) $13,300 (B)$13,000
(C) $12,900 (D)$10,000
(E) $9,000 I got A, OA says B, what am I missing? _________________ Persistence+Patience+Persistence+Patience=G...O...A...L Intern Joined: 14 May 2008 Posts: 38 Followers: 1 Kudos [?]: 27 [0], given: 0 Re: PS: 10 percent.. [#permalink] Show Tags 24 May 2008, 06:11 prasannar wrote: After paying a 10 percent tax on all income over$3,000, a person had a net income of $12,000. What was the income before taxes? (A)$13,300
(B) $13,000 (C)$12,900
(D) $10,000 (E)$9,000

I got A, OA says B, what am I missing?

Let x be the total taxable income, then =>

x-10% of x = 12000-3000 [since first three thousand do not attract any tax]
0.9x = 9000
x = 10000
so total income = 10000+3000 = 13000
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Joined: 28 Dec 2004
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Schools: Wharton'11 HBS'12
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Re: PS: 10 percent.. [#permalink]

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24 May 2008, 07:21
they way i did was..

3000+.9(x-3000)=12000

solve for x.you get 13000
Director
Joined: 05 Jan 2008
Posts: 690
Followers: 5

Kudos [?]: 472 [0], given: 0

Re: PS: 10 percent.. [#permalink]

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24 May 2008, 07:25
Gosh, I missed this under time..
_________________

Persistence+Patience+Persistence+Patience=G...O...A...L

Re: PS: 10 percent..   [#permalink] 24 May 2008, 07:25
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After paying a 10 percent tax on all income over \$3,000, a

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