The approximate percent P of average income used to pay federal, state, and local taxes is given by , where t is the number of years after 1950. Approximate the tax load for year 2012. Round your answer to one decimal place.
A) 50.1%
B) 41.3%
C) 41.2%
D) 52.1%
E) 21.7%

Question

The approximate percent P of average income used to pay federal, state, and local taxes is given by , where t is the number of years after 1950. Approximate the tax load for year 2012. Round your answer to one decimal place. 
A) 50.1% 
B) 41.3% 
C) 41.2% 
D) 52.1% 
E) 21.7%

Quizplus · Accepted Answer

We need to substitute t=62 (2012-1950) into the given formula and simplify it to get the percentage tax load for 2012.

P = 0.00115t^3 - 0.115t^2 + 3.4t + 16.4

P = 0.00115(62)^3 - 0.115(62)^2 + 3.4(62) + 16.4

P = 41.2%

Therefore, the closest option to our answer is (C) 41.2%.

The Approximate Percent P of Average Income Used to Pay