Name: Michelle
Who is asking: Student
Level: Secondary

The grand prize for winning a contest is $10,000. After 28 percent of the prize is deducted for taxes, the winner receives the balance of the prize in annual payouts of equal amounts over a 3-year period. How many dollars will the prizewinner receive each year of the 3 years?(Disregard the $ sign when gridding your answer.)

Hi Michelle,

English sentences about percent are often quite easy to translate into mathematics. "percent" means "per one-hundred" or "over one-hundred" and "of" is multiplication. (For example one-quarter of 12 is 3, ie  1/4(12) = 3.) Thus

28 percent of $10,000

 28/100($10,000) = $2,800

Now deduct the $2,800 from the $10,000 prize and divide the result into three equal parts.

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