cristianosubo wrote:
Each year, Company X’s local tax burden is computed by charging a set amount of $200 plus an additional 8 percent on all profit made over $10,000. What is the company’s local tax burden this year?
(1) Company X made a profit of $60,000 this year.
(2) Company X’s local tax burden is equal to 7 percent of its profit this year.
Given : Tax = $200 + 0.08(Profit - 10000)
1) Profit = 60000; we can directly key in and cal tax , which comes out to be 4200$ suff (No need to calculate )
2) Tax = 0.07 Profit, put this is given equation
0.07P = 200 + 0.08(P -10000) ; P = 60000$ , from This P we can calculate tax as in stat 1) suff
D
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