Question

A man's annual income is 3000 naira,if the first 500 naira is tax free and on the remaining amount tax paid at the rate of 5 kobo per naira, find the total tax paid by the man

Answer 1

The amount of money that is taxable is 3000 naira - 500 naira = <<3000-500=2500>>2500 naira.
The total tax paid on the taxable amount is 2500 naira * 5 kobo/naira = <<2500*5=12500>>12500 kobo.
Since 100 kobo = 1 naira, the total tax paid is 12500 kobo / 100 naira/kobo = <<12500/100=125>>125 naira. Answer: \boxed{125}.