Question

The sales tax in a certain county is 7%. If an item marked at $19.94 is sold within the county, estimate the final cost of the item once tax is included.

Answer 1

Given:

Rate of sales tax = 7%

Marked price of an item = $19.94

To find:

The final cost of the item once tax is included.

Solution:

We have,

Rate of sales tax = 7%

Marked price of an item = $19.94

`\text{Sales tax}=(7)/(100)* 19.94`

`\text{Sales tax}=1.3958`

Now, final cost of the item once tax is included is

`\text{Final cost}=\text{Marked price}+\text{Sales tax}`

`\text{Final cost}=19.94+1.3958`

`\text{Final cost}=21.3358`

Therefore, the final cost of the item once tax is included is $21.3358.