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Before being simplified, the instructions for computing income tax in

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Before being simplified, the instructions for computing income tax in [#permalink] New post   29 Nov 2021, 07:32
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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 Country 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 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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Re: Before being simplified, the instructions for computing income tax in [#permalink] New post   01 Dec 2021, 02:15
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Tax is the sum of the following:
2 percent of one's annual income - \(0.02I\);
The average (arithmetic mean) of 100 units of country R's currency and 1 percent of one's annual income - \(\frac{100+0.01I}{2}\).

\(Tax=0.02*I+\frac{100+0.01*I}{2}=50+\frac{0.04*I+0.01*I}{2}=50+\frac{0.05*I}{2}=50+\frac{I}{40}\).

Answer: C.
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Re: Before being simplified, the instructions for computing income tax in [#permalink]
01 Dec 2021, 02:15
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