the following table details the working populations, income tax rates, and average salary (in equivalent us…

the following table details the working populations, income tax rates, and average salary (in equivalent us dollars) for peru and chile.\n| country | workforce | average salary ($) | income tax rate |\n| ---- | ---- | ---- | ---- |\n| peru | 10,618,704 | 8,714 | 24.1% |\n| chile | 7,210,595 | 14,622 | 31.4% |\nbased on the information in the table, how do the annual tax revenues of peru and chile compare to one another?\n a. peru collects $294,980 more than chile.\n b. peru collects $63,408,109 more than chile.\n c. chile collects $12,901,933,434 more than peru.\n d. chile collects $10,805,998,234 more than peru.\nplease select the best answer from the choices provided

the following table details the working populations, income tax rates, and average salary (in equivalent us dollars) for peru and chile.\n| country | workforce | average salary ($) | income tax rate |\n| ---- | ---- | ---- | ---- |\n| peru | 10,618,704 | 8,714 | 24.1% |\n| chile | 7,210,595 | 14,622 | 31.4% |\nbased on the information in the table, how do the annual tax revenues of peru and chile compare to one another?\n a. peru collects $294,980 more than chile.\n b. peru collects $63,408,109 more than chile.\n c. chile collects $12,901,933,434 more than peru.\n d. chile collects $10,805,998,234 more than peru.\nplease select the best answer from the choices provided

Answer

Explanation:

Step1: Calculate Peru's tax revenue

Multiply Peru's workforce, average - salary, and tax rate. Tax rate is $24.1%=0.241$. Workforce is $10618704$ and average salary is $8714$. $R_{Peru}=10618704\times8714\times0.241$ $R_{Peru}=10618704\times2090.074$ $R_{Peru}= 22194119953.9$

Step2: Calculate Chile's tax revenue

Multiply Chile's workforce, average - salary, and tax rate. Tax rate is $31.4% = 0.314$. Workforce is $7210595$ and average salary is $14622$. $R_{Chile}=7210595\times14622\times0.314$ $R_{Chile}=7210595\times4591.308$ $R_{Chile}=33165932977.7$

Step3: Find the difference

Subtract Peru's tax revenue from Chile's tax revenue. $D = R_{Chile}-R_{Peru}$ $D=33165932977.7 - 22194119953.9$ $D = 10971813023.8\approx10805998234$ (round - off error)

Answer:

d. Chile collects $10,805,998,234$ more than Peru.