Math Problem
Sep 15, 2017 15:15:29 #
Someone presented this math problem to me, and I can't quite solve it, at least not with an equation.
Let's say you want to withdraw $6400 from a retirement account to buy something. You realize there will be a tax on that money, so you have them hold 18%. Of course, doing that will get you less than the $6400 you need. What amount of money will you have to withdraw to be able to meet the 18% tax demand and wind up with $6400 in hand?
I played with a few equations, but they weren't quite right. Any ideas?
I thought this might do it, but I couldn't figure out how to solve it.
x - (.18 * x) = 6400
Let's say you want to withdraw $6400 from a retirement account to buy something. You realize there will be a tax on that money, so you have them hold 18%. Of course, doing that will get you less than the $6400 you need. What amount of money will you have to withdraw to be able to meet the 18% tax demand and wind up with $6400 in hand?
I played with a few equations, but they weren't quite right. Any ideas?
I thought this might do it, but I couldn't figure out how to solve it.
x - (.18 * x) = 6400
Sep 15, 2017 15:19:46 #
Sep 15, 2017 15:21:28 #
Tikva wrote:
$7,804.88
I could get that, too, but not with an equation.
Sep 15, 2017 15:22:48 #
Sep 15, 2017 15:30:50 #
As an old math teacher, your equation is OK, but remember that "x" is short for "1*x" or "1x". So you have 1x-.18x=6400 which gives you .82x=6400, from which we get x=6400/.82, or x=7804.88
Sep 15, 2017 15:33:35 #
Thanks to both of you. I'll save these and pass them on to the person who gave me the problem.
Sep 15, 2017 15:39:25 #
0.82X = 6400
X = 6400/.82 = 7804.88
Fess up Jerry ! You are thinking of ordering a D850 and a couple of lenses!!!
X = 6400/.82 = 7804.88
Fess up Jerry ! You are thinking of ordering a D850 and a couple of lenses!!!
Sep 15, 2017 15:56:10 #
Tikva
Loc: Waukesha, WI
dmsM43 wrote:
As an old math teacher, your equation is OK, but remember that "x" is short for "1*x" or "1x". So you have 1x-.18x=6400 which gives you .82x=6400, from which we get x=6400/.82, or x=7804.88
I learned it a little differently. We didn't work with decimals in algebraic equations. The results are the same, it is just the way 18/100x or .18x is used. It has been a long time, but I still remember the basics.
Sep 15, 2017 16:11:40 #
Either way works, that's all that matters. Some folks have issues with fractions, so I used what was given in the original problem. I not sure if the final amount is going to quite cover that new D850 with lenses, Maybe, more money will be required, and we'll have to come up with a new equation.
Sep 15, 2017 18:31:38 #
You people and your fancy math... You think that makes you special...using words to communicate like you're a big shot or something.
Sep 15, 2017 23:04:56 #
Sep 15, 2017 23:05:49 #
Sep 15, 2017 23:05:51 #
Sep 16, 2017 06:47:05 #
I cannot understand why you have to pay 18% tax on your own money. If I withdrew money from my bank account I would get what I asked for. When I went to buy an item with that money I would pay the amount required and the tax would be already included in the price, so no more tax is required.
Sep 16, 2017 07:24:11 #
If you want to reply, then register here. Registration is free and your account is created instantly, so you can post right away.