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Johnny is turning 18 in 3 months and his parents are planning to purchase him a yacht for his 18th birthday. According to state law, however, if he owns a yacht, he must pay a yearly yacht tax. The yacht tax is based on the cost of the yacht. Suppose his parents were planning to buy his a $3,685,000 yacht that has a tax of $ 1,547,700 every year.

a)Find a mathematical model that gives the amount of yacht tax y in terms of the cost x of the yacht.

y=*x (round your answer to the nearest hundredth)

 

b)Suppose that, due to economic deflation, Johnny’s parents can afford a yacht priced more than $3,685,000 and decide to buy a more expensive yacht. They buy him a yacht for $4,556,000; what is the yacht tax on a $4,556,000 yacht?

$ (round your answer to the nearest whole dollar)

Correct!