Problem

The original price of an item was $\$ 145$. Given that the total price with tax was $\$ 151.41$, determine the amount of tax (to the nearest cent) and the tax rate (rounded to the nearest hundredth of a percent). Be sure to clearly show your work on your paper! Tax amount: $\$$ Tax rate: $\%$ Submit Question

Solution

Step 1 :Given the original price of an item as \$145 and the total price with tax as \$151.41.

Step 2 :First, calculate the tax amount by subtracting the original price from the total price. This gives us \$151.41 - \$145 = \$6.41.

Step 3 :Next, calculate the tax rate by dividing the tax amount by the original price and multiplying by 100. This gives us \((\$6.41 / \$145) * 100 = 4.42\%\).

Step 4 :Final Answer: The tax amount is \(\boxed{\$6.41}\) and the tax rate is \(\boxed{4.42\%}\).

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Source: https://solvelyapp.com/problems/XszidNWUHI/

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