before being simplified, the instructions for computing income tax in country R were to add 2 percetn of one's annual income to the average of 100 units of country's R's currency and 1 percent of one's annual income. Which of the following represents the simplified formula for computing the income tax, in country's R's currency, for a person in that country whose annual income is I?
sorry I forgot to right down the answers and exited the GMAT without saving.
could anyone work this problem?
gmat prep question
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- jayhawk2001
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Here's the question in all its glory ...Cybermusings wrote:Jay...could you clarify this....I am slightly confused about the equation
The second part is average of 100 units of R's currency and 1% income,wrote: before being simplified, the instructions for computing income tax in country R were to add 2 percetn of one's annual income to the average of 100 units of country's R's currency and 1 percent of one's annual income. Which of the following represents the simplified formula for computing the income tax, in country's R's currency, for a person in that country whose annual income is I?
which boils down to (100 + 1%I)/2
The first part is 2% of I
Hence total = 2%I + (100 + 1%I)/2
= 2I/100 + 100/2 + I/200
= 50 + 5I/200
= 50 + I/40