The state income tax where Kristin lives is charged at the rate of of the first of annual income plus of any amount above . Kristin noticed that the state income tax she paid amounted to of her annual income. What was her annual income?
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Problem © Mathematical Association of America (MAA), American Mathematics Competitions. Reproduced for non-commercial educational use. Solution and commentary are original to this site. Also appeared as 2001 12 #3.