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} Need Help? Read It

Solution

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 \(\boxed{2.08}\).

From Solvely APP
Source: https://solvelyapp.com/problems/S6Baacs3NW/

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