Answer :
Answer:
We need to earn $10,000 to buy that car.
Step-by-step explanation:
Let initial bank account balance = 0;
Suppose our income is $x.
Since 23% of income shpould be paid in taxes,
Money paid in taxes =[tex]\frac{23}{100} \times[/tex][tex]x[/tex]
After paying taxes,
Money in our account = Income - Money paid in taxes;
Money in our account = x - [tex]\frac{23}{100}\times[/tex] [tex]x[/tex]
Money in our account = [tex]\frac{77}{100}\times[/tex] [tex]x[/tex]. (equation 1)
Given,
Price of the car to be bought = $7700 (equation 2)
To be able to buy that car,
Money in account = Price of the car
From equation 1 and equation 2,
[tex]\frac{77}{100}\times[/tex][tex]x = 7700[/tex]
[tex]x=\frac{7700\times100}{77}[/tex]
Therefore,
x = $10000.
Therefore
We need to earn $10000 to buy the car.