41.8k views
2 votes
Using a "Banker's Calendar", what would the daily tax rate be if the annual taxes are $1,569?

A. $4.36
B. $4.30
C. $4.29
D. $4.37

1 Answer

7 votes

Final answer:

The daily tax rate on a Banker's Calendar with annual taxes of $1,569 is $4.37. This rate is derived by dividing the annual tax amount by 360 days, the number of days in a Banker's year.

Step-by-step explanation:

To calculate the daily tax rate using a Banker's Calendar, which typically assumes each month has 30 days for a total of 360 days in a year, we first need to find out the total amount of taxes paid annually, which is $1,569. Then, we divide this amount by the number of days in a Banker's year:

$1,569 ÷ 360 days = $4.36 per day (approximately $4.37 when rounded to the nearest cent).

This gives a daily tax rate of $4.37, assuming a constant rate throughout the entire year. It's important to note that this calculation is a simplification and does not take into account any potential variability in tax rates or due dates for tax payments throughout the year.

User Crouzilles
by
7.7k points
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.