SOLUTION: Because the harvested lumber depletes the total amount of natural resources available to the citizens of North Carolina, the state of North Carolina places an excise tax of 1/20 of

Question 1061912: Because the harvested lumber depletes the total amount of natural resources available to the citizens of North Carolina, the state of North Carolina places an excise tax of 1/20 of all profits earned by lumber companies within the state. If the harvested cypress wood is worth approximately $80,000,000 and the only expense of obtaining the wood is the recovery cost, how much excise tax is owed to North Carolina?
Answer by jorel555(1290) (Show Source): You can put this solution on YOUR website!
80000000 x 1/20=80000000 x .05=$4,000,000 owed in excise taxes. ☺☺☺☺
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