The total number of bicycle parts sold is 550. The tax rate is 8% and the tax levied on fixed income above ₹200 is 2.5%. Find the total tax levied on the total earnings using the data from the graph below.
A
₹44
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B
₹49
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C
₹55
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D
₹59
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Solution
The correct option is B ₹49 Total units sold =500
Here, slope indicates the cost of 1 unit.
From the graph, consider the points (100, 700) and (300, 1100)
You know, Slope = unit rate =y2−y1x2−x1
Putting values, you get: Slope = unit rate =y2−y1x2−x1 =1100−700300−100 =₹2
Now, fixed income =₹500
Earnings from the sale of parts = ₹2×500 = ₹1000
So, tax on earnings =2.5%of₹1000 =2.5100×₹1000=₹25
Tax is levied on fixed income above ₹200.
Fixed income amount on which tax is to be levied = ₹500 - ₹200 = ₹300
∴ Tax on fixed income =8%of₹300 =8100×₹300=₹24
So, total tax levied on the earnings = ₹25+₹24=₹49