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2007 AMC 12A Question 5

AMC12 · 2007 AMC 12A

Question 5

Last year Mr. John Q. Public received an inheritance. He paid $20\%$ in federal taxes on the inheritance, and paid $10\%$ of what he had left in state taxes. He paid a total of $\$10{,}500$ for both taxes. How many dollars was the inheritance?
  1. $30{,}000$
  2. $32{,}500$
  3. $35{,}000$
  4. $37{,}500$
  5. $40{,}000$