Your parents heard about the success of your business and they want to help you out. Suppose they want to give you an additional $300 to put toward your business. However, there’s a catch. If you make more than $600 additional profit, you have to give them 10% of your earnings above $600. For example, if you have earned $650, then you owe 10% of $50, or $5, to your parents.

Question

Your parents heard about the success of your business and they want to help you out. Suppose they want to give you an additional $300 to put toward your business. However, there’s a catch. If you make more than $600 additional profit, you have to give them 10% of your earnings above $600. For example, if you have earned $650, then you owe 10% of $50, or $5, to your parents.

If so, determine how much you will owe your parents.
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Answer 1

To determine how much you will owe your parents, you need to calculate the additional profit you will make and check if it is more than $600.

Additional profit = $300
Earnings above $600 = Additional profit - $600 = $300 - $600 = -$300

Since the earnings above $600 is negative, it means you did not make more than $600 additional profit. Therefore, you do not owe your parents anything.

Answer 2

To determine how much you will owe your parents, we need to calculate your additional profit and then subtract $600 from it.

Let's say your additional profit is X.

If X is less than or equal to $600, then you don't owe anything to your parents.

But if X is greater than $600, you need to subtract $600 from X and calculate 10% of the remaining amount to determine how much you owe your parents.

So, the amount you will owe your parents can be calculated as follows:

Amount you owe = 10% of (X - $600)

Answer 3

To determine how much you will owe your parents, you would need to calculate your additional profit and see if it exceeds $600. If it does, then you would need to calculate 10% of the amount that exceeds $600.

Let's break it down step by step:

1. Calculate your additional profit:
Additional profit = Additional amount your parents are giving you - $300
Here, your parents are giving you an additional $300, so the additional profit would be $300.

2. Check if the additional profit exceeds $600:
If the additional profit exceeds $600, you owe 10% of the amount above $600. If it doesn't, you owe nothing.

Since the additional profit is $300 from step 1, it does not exceed $600. Therefore, you owe nothing to your parents.

In this case, since the additional profit does not exceed $600, you do not owe your parents anything.