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) About Me  (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.
7200%2F3+=+2400
The winner will receive $2,400 per year for three years.