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Total profits before tax: $100,000 Charity contributions-10% of after-tax profits (contributions are tax deductible) State tax-5% of profits after charity donations Federal tax-40% of profits
Total profits before tax: $100,000 Charity contributions-10% of after-tax profits (contributions are tax deductible) State tax-5% of profits after charity donations Federal tax-40% of profits after charity contributions and state tax. Set up (but don't solve) the problem to find the amounts of charity contributions, state tax and federal tax consistent with total profits following the step by step process below. C-Charity contributions S-State tax F-Federal tax a) Write an equation for the after tax profits (After tax profits - ...) b) Write the value of charity contribution using the above equation (C-.) c) Write the value of state tax (S-...) d) Write the value of Federal tax (F . e) Put the above values (equations) to form a linear system to find C, S and F f) Write out the above system in Matrix form
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