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Math Help - Really really basic application question!! I'm not sure where I'm going wrong!

  1. #1
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    Angry Really really basic application question!! I'm not sure where I'm going wrong!

    So the question is

    You are about to buy a small investment property in South Australia for a purchase price of $383000. What LTO Fee will you pay if the following rates table applies. Round your answer to the nearest dollar.
    Value of the property LTO Fee
    does not exceed $5,000 $140
    does not exceed $20,000 $154
    does not exceed $40,000 $170
    exceeds $40,000 $237 plus $69.00 for every $10,000 (or part of $10,000) above $50,000


    What I did was 383 000 - 50 000 = 333 000, 333 000 / 10 000 = 33.3, 33.3 X 69 = 2 297.7, 2 297.7 + 237 = 2534.7

    The given answer was 2538 and I cannot figure out for the life of me how they worked that out? It's Friday so I can't ask my lecturer and the online test finishes this weekend. Arghhhh.
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  2. #2
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    Re: Really really basic application question!! I'm not sure where I'm going wrong!

    Oops just realised the given answer was 2583!!! Sorry guys
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  3. #3
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    Re: Really really basic application question!! I'm not sure where I'm going wrong!

    I got an answer back from my lecturer! For anyone who did the same thing as me or was just wondering, the question actually said "or part of $10 000", which means that whatever figure I got from dividing the $10 000 I need to round it up, which means I should have times $69 by 34 in this question.
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