Question

A bank makes a profit of 20 million euro. The bank pays 500 thousand euro in tax. What percentage of the profit is paid in tax?

Answer 1

2.5%

Explanation:

Given data

Profit = Euro 20,000,000

Tax paid= Euro 500,000

The percentage tax paid is

% Tax= Tax paid/Profit*100

% Tax= 500,000/20,000,000*100

% Tax=0.025*100

% Tax=2.5

Hence the percentage tax paid is 2.5%