v1 Financial Maths, STD2 F1 SM-Bank 1

Samantha buys a luxury boat with a market value of $78 000.

Stamp duty is calculated on the boat as follows:

4% of market value up to $50 000
6% of market value over $50 000

Calculate the amount of stamp duty payable by Samantha. (2 marks)

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`$3680`

Show Worked Solution

`text(Stamp Duty)`	`= 4text(%) xx 50\ 000+6text(%) xx (78\ 000-50\ 000)`
	`= 4text(%) xx 50\ 000+6text(%) xx 28\ 000`
	`=$3680`