Let us assume that the gross pay is x dollars. Therefore, take home pay must be 78% of x because 22% of the pay is withheld as taxes, so you get to take home only 78% of the gross pay.

Since we have been given that take home pay is $1500 and it is 78% of the total gross pay. Therefore, we can set up an equation:

$78\%\text{ of }x=1500\\\frac{78}{100}x=1500\\0.78x=1500\\x=\frac{1500}{0.78}\\x=\$1923.08$

Therefore, gross pay is $1923.08

5 0

3 years ago

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Karl invests $35,000 for 8 years in an account paying 7% compounded daily. Find

ivolga24 [154]

Answer:

principal (p)=$35000

time(t)=8years

rate ( r)=7%

Step-by-step explanation:

compounded amount(c.a)=p((1+r/100)^t )=$35000((1+7/100)^8)=$60136.5
compound interest gain=$60136.5-$35000=$25136.5
Karl gain interest in 1 year=$35000((1+7/100)-1)=$2450
gain % in 1 year=$2450/$25136.5×100%=9.74%

7 0

3 years ago