Question

What was the amount, rounded to the nearest cent, of just the sales tax.Show all of your work and record your final answer in the space below.

Answer 1

Sell price = $15.50

Cost = $6

Multiply the cost by the percentage markup (1 +x ) , that equation must be equal to the selling price.

6 (1 + x ) = 15.50

Solve for x

6 + 6x = 15.50

6x = 15.50-6

6x = 9.5

x= 9.5/6

x= 1.583

Multiply by 100

1.583 x 100 = 158.3%