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5 July, 19:04

In 2010, Rooney got his first job and paid $7,004.18 in federal income tax. For the next 6 years, his income

taxes increased by 1.5% each year. When Rooney finishes paying his taxes for 2016, how much will he

have paid in income taxes since he first got the job in 2010?

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  1. 5 July, 22:01
    0
    In this question, we're trying to find how much he paid in income taxes since 2010.

    In this case, we would use the appreciation formula:

    V = P (1 + r) ^n

    v = new value

    p = principal

    r = rate

    n = number of years

    Plug in your variables to the equation:

    V = 7,004.18 (1 + 0.015) ^6

    Solve:

    V = 7,004.18 (1 + 0.015) ^6

    V = 7,004.18 (1.015) ^6

    V = 7,004.18 (1.093443263942640625)

    V = 7,658.673

    V = 7,658.67

    This means that he would've paid $7,658.67 in taxes since 2010

    Answer:

    $7,658.67
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