Answer:
A. $47,143
Step-by-step explanation:
Given information:
- Current annual lifestyle cost ≈ $33,000
- Take home pay estimation = 70%
Gross income: Total income before any deductions.
If take home pay is approximately 70% of the annual gross income, to be able to maintain the current lifestyle, 70% of the annual gross income needs to be at least $33,000.
Let x = annual gross income
Therefore:
70% of x = $33,000
⇒ 0.7x = 33000
⇒ x = 33000 ÷ 0.7
⇒ x = 47142.8571...
Therefore, the annual gross income needs to be $47,143 (nearest dollar) to maintain the current lifestyle.
