# SOLUTION: The grand prize for winning a contest is \$10,000. after 28% of the prize is deducted for taxes , the winner receives the balance of the prize in annual payouts of equal amounts ov

Algebra ->  Algebra  -> Percentage-and-ratio-word-problems -> SOLUTION: The grand prize for winning a contest is \$10,000. after 28% of the prize is deducted for taxes , the winner receives the balance of the prize in annual payouts of equal amounts ov      Log On

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 Question 310006: The grand prize for winning a contest is \$10,000. after 28% of the prize is deducted for taxes , the winner receives the balance of the prize in annual payouts of equal amounts over a 3-year period . how many dollars will the prize winner receive each year of the 3 years ?Answer by Earlsdon(6287)   (Show Source): You can put this solution on YOUR website!First, find out how much of the \$10,000 remains after the tax deduction. \$10,000 - (0.28)\$10,000 = \$10,000 - \$2,800 = \$7,200. Now divide this amount by 3 to find how much per year the winner will receive. The winner will receive \$2,400 per year for three years.