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Senior | Next Rank: 100 Posts
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by Jameschan168 » Fri Sep 07, 2007 10:29 pm
Before being simplified, the instructions for computing income tax in Country R were to add 2 percent of one's annual income to the average (arithmetic mean) of 100 units of 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 County R's currency, for a person in that country whose annual income is I?

a. 50 + I/200
b. 50 + 3I/100
c. 50 + I / 40
d. 100 + I/50
e. 100 + 3I/100
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Source: — Data Sufficiency |
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by samirpandeyit62 » Sat Sep 08, 2007 4:59 am
2 % of I is I/50

avg of 100 + 1 % of I i.e. I/100 is

50 + I/200

so formula is I/50 + 50 +I/200

i,e 50 + I/40

so ans should be C
Regards
Samir
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by Jameschan168 » Sat Sep 08, 2007 7:39 am
Ah I see. I tried plugging in numbers and I thought I had to give Currency R a value so my answer came out to be D. Thanks.
samirpandeyit62 wrote:2 % of I is I/50

avg of 100 + 1 % of I i.e. I/100 is

50 + I/200

so formula is I/50 + 50 +I/200

i,e 50 + I/40

so ans should be C
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by Preetics » Mon Sep 17, 2007 6:56 am
Hi

Have been trying to solve this problem and arrive at
"avg of 100 + 1 % of I i.e. I/100 is 50 + I/200"
Have been unsuccessful :cry:

Please help!!!
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by Bharat » Mon Sep 17, 2007 8:56 pm
Try it this way:
If the annual income is I then:
1% = I/100 &
2% = I/50
Now read this statement
a. add 2 percent of one's annual income to
b. the average (arithmetic mean) of 100 units of R's currency and 1 percent of one's annual income

b. equates to: (100 + I/100)/2 = 50 + I/200
a. equate to: I/50 + value of b.
That is: I/50 + 50 + I/200 = 50 + I/40

Let me know if more details are needed.
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by Preetics » Tue Sep 18, 2007 11:35 pm
thanks a lot bharat!!! The problem seemed so simple after ur explanation that i feel dumb I could not understand it earlier!!!
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