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Mr. Ruiz, the owner of a canoe shop buys paddles for $25.00 each and sells them for 150% profit. A customer buys a paddle for $40.78, which includes the selling price and sales …

Mr. Ruiz, the owner of a canoe shop buys paddles for $25.00 each and sells them for 150% profit. A customer buys a paddle for $40.78, which includes the selling price and sales …
asked 2.5k views
17 votes
Mr. Ruiz, the owner of a canoe shop buys paddles for $25.00 each and sells them for 150% profit. A customer buys a paddle for $40.78, which includes the selling price and sales tax. What is the sales tax rate?

asked
User SWL
by
7.8k points

1 Answer

10 votes
8.75%

25x1.5=37.5

40.78/37.5= 1.0875
Subtract the 1 off for the product cost and it leaves 0.0875 for the tax
answered
User Belogix
by
8.2k points
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