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Q.) Suppose that tax paid by a certain person per year is denoted T i , and is calculated using the following relationship to that
Q.) Suppose that tax paid by a certain person per year is denoted Ti, and is calculated using the following relationship to that persons gross income (Gi):
Ti = 0.25(Gi 10000)
(i.e, only people who have an income over $10,000 per year are taxed, and only the income beyond $10,000). You are told that the total gross income for an area with 200 people is $6,000,000. Assume that all the people measured makeover $10,000 a year.
a.) Find the total taxes collected for the 200 people.
b.) Find the summation 1/100 times Tifor the 200 people.
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