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Tom [10]
2 years ago
15

A new television set was recently purchased for the common room in a Residence Hall for $428.00 including tax. If the tax rate i

s 7%, find the price of the television set before taxes.
(Type an integer or a decimal rounded to two decimal places.)
Mathematics
1 answer:
prohojiy [21]2 years ago
5 0

The price of the television set before taxes is $400

<h3>How to find the price of the television set before taxes.?</h3>

The given parameters are:

Price after tax = $428.00

Tax rate = 7%

The price of the television set before taxes is calculated as:

Price after tax = Price before tax * (1 + tax rate)

This gives

$428.00 = Price before tax * (1 + 7%)

Express the percentage as decimal

$428.00 = Price before tax * (1 + 0.07)

Evaluate the sum

$428.00 = Price before tax * (1.07)

Divide both sides by 1.07

Price before tax = $400

Hence, the price of the television set before taxes is $400

Read more about sales tax at:

brainly.com/question/9437038

#SPJ1

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Diano4ka-milaya [45]

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Step-by-step explanation:

step 1

<u><em>Simple interest</em></u>

we know that

The simple interest formula is equal to

A=P(1+rt)

where

A is the Final Investment Value

P is the Principal amount of money to be invested

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t is Number of Time Periods

in this problem we have

t=10\ years\\ P=\$2,250\\r=4\%=4/100=0.04

substitute in the formula above

A=2,250(1+0.04*10)

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A=\$3,150

step 2

<u><em>Interest compounded annually</em></u>

we know that    

The compound interest formula is equal to  

A=P(1+\frac{r}{n})^{nt}  

where  

A is the Final Investment Value  

P is the Principal amount of money to be invested  

r is the rate of interest  in decimal

t is Number of Time Periods  

n is the number of times interest is compounded per year

in this problem we have  

t=10\ years\\ P=\$2,250\\r=4\%=4/100=0.04\\n=1

substitute in the formula above

A=2,250(1+\frac{0.04}{1})^{1*10}  

A=2,250(1.04)^{10}  

A=\$3,330.55

step 3

Find the differences between the two final amounts

A=\$3,330.55-\$3,150=\$180.55

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