Question

1. Joe wins $1000,000 on a scratch ticket! He owes 25% of his winnings for taxes, and uses$9,500 to pay off his credit card debt. He keeps half of what is left for himself and theremainder he shares equally between his three daughters. How much does each daughterget?

Answer 1

We have the following parameters defined

`\begin{gathered} Wi\text{ninings= \$100000} \\ \text{tax=25\% of winnings} \\ \text{debt}=\text{ \$9500} \end{gathered}`

What we will do first will be to deduct the tax and debt from the winning

`\begin{gathered} \text{Tax}=25\text{ \% }*100000 \\ \text{Tax}=(25)/(100)*100000=\text{ \$25000} \end{gathered}`

Then we will be left with

`\text{ \$100000-\$25000-\$9500=\$65500}`

Then we are told that he keeps half of $65500 and shares the other half among his three daughters

Half of this will be

`(65500)/(2)=32750`

Each of his3 daughters will get

`(32750)/(3)=10916.67`

Hence, each daughter will get $10,916.67