Problem

Calculate the missing information for the purchase.
\begin{tabular}{|c|c|c|c|c|c|c|}
\hline Item & \begin{tabular}{c}
Selling \\
Price \\
(in \$)
\end{tabular} & \begin{tabular}{c}
Sales \\
Tax \\
Rate
\end{tabular} & \begin{tabular}{c}
Sales \\
Tax \\
(in \$)
\end{tabular} & \begin{tabular}{c}
Excise \\
Tax Rate
\end{tabular} & \begin{tabular}{c}
Excise \\
Tax
\end{tabular} & \begin{tabular}{c}
Total \\
Purchase Price
\end{tabular} \\
\hline Book & $\$$ & 8 & $\$ \square$ & 0 & 0 & $\$ 28.08$ \\
\hline
\end{tabular}
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Answer

Final Answer: The selling price of the book is approximately \(\boxed{26.00}\) and the sales tax is approximately \(\boxed{2.08}\).

Steps

Step 1 :Given values are total purchase price = $28.08 and sales tax rate = 8%.

Step 2 :First, calculate the selling price using the formula: selling price = total purchase price / (1 + sales tax rate).

Step 3 :Substitute the given values into the formula: selling price = $28.08 / (1 + 0.08) = $26.00 (approximately).

Step 4 :Next, calculate the sales tax using the formula: sales tax = total purchase price - selling price.

Step 5 :Substitute the values into the formula: sales tax = $28.08 - $26.00 = $2.08 (approximately).

Step 6 :Final Answer: The selling price of the book is approximately \(\boxed{26.00}\) and the sales tax is approximately \(\boxed{2.08}\).

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