Give the step-by-step reasoning process and then the final answer. James sells a $500,000 house for 20% over market value. He splits the revenue with his 3 brothers. How much does each person get after taxes take away 10%?
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He sells the house for 1 + .2 = 1.2 times its value. So he sells the house for 500,000 * 1.2 = 600,000. He splits the money 1 + 3 = 4 ways. So each person gets 600,000 / 4 = $150,000 before taxes. Taxes take away 150,000 * .1 = $15,000. So each person gets 150,000 - 15,000 = $135,000.
The final answer: 135000.
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