Question

In May, 2018 a store had a furniture with a listed price of $550, having a sales tax of 3% on the listed price. Next month the price increased by 33 1/3 %. What sales tax should be paid in dollars on the new price?

Answer 1

The sales tax should be paid in dollars on the new price is $\boxed{\ 22}.$

Further Explanation:

Given:

The listed price of furniture is $\ 550.$

The sales tax is of $3\%$ on the listed price.

The price is increased by $33\dfrac{1}{3}\%.$

Calculation:

The increased price of the furniture can be obtained as follows,

$\begin{aligned}{\text{Increased price}} &= 550 + \left( {33\frac{1}{3}\% \times 550} \right)\\&= 550 + \left( {\frac{{33.34}}{{100}} \times 550} \right)\\&= 550 + 0.3333 \times 550\\&= 550 + 183.32\\&= 733.32\\\end{aligned}$

The new price of the furniture is $\ 733.32.$

The sales tax is of $3\%$ on the listed price.

The sales tax can be obtained as follows,

$\begin{aligned}{\text{Sales tax}} &= 3\% {\text{ of new price}}\\&= \frac{3}{{100}} \times 733.32\\&= \ 22\\\end{aligned}$

The sales tax should be paid in dollars on the new price is $\boxed{\ 22}.$

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Answer details:

Grade: High School

Subject: Mathematics

Chapter: Investment and return

Keywords: May, 2018, store, furniture, listed, price, listed price, $550, sales, sales tax, 3%, tax on listed price, next month, price increased, increased price, month$, 33 1/3%$, paid, dollars, new price.

Answer 2

The sales tax that should be paid in dollars on the new price is $22

Further explanation

Order of Operations in Mathematics follow this following rule :

1. Parentheses
2. Exponents
3. Multiplication and Division
4. Addition and Subtraction

This rule is known as the PEMDAS method.

In working on a mathematical problem, we first calculate operation that is in parentheses, follow by exponentiation, then multiplication or division, and finally addition or subtraction.

Let us tackle the problem !

Given:

Initial Price = $550

Sales Tax = 3%

Percentage of Price Increase = 33¹/₃ %

Unknown:

Final Sales Tax = ?

Solution:

$\texttt{Final Price} = \texttt{Initial Price} \times (100\% + \texttt{Percentage of Price Increase} )$

$\texttt{Final Price} = \ 550 \times (100\% + 33\frac{1}{3}\% )$

$\texttt{Final Price} = \ 550 \times (100\% + \frac{100}{3}\% )$

$\texttt{Final Price} = \ 550 \times (\frac{300}{3}\% + \frac{100}{3}\% )$

$\texttt{Final Price} = \ 550 \times (\frac{400}{3}\%)$

$\texttt{Final Price} = \ 550 \times (\frac{4}{3})$

$\texttt{ }$

$\texttt{Final Sales Tax} = 3\% \times \texttt{Final Price}$

$\texttt{Final Sales Tax} = 3\% \times \ 550 \times (\frac{4}{3})$

$\texttt{Final Sales Tax} = \frac{3}{100} \times (\frac{4}{3}) \times \ 550$

$\texttt{Final Sales Tax} = \frac{4}{100} \times \ 550$

$\texttt{Final Sales Tax} = 4 \times \ 5.5$

$\texttt{Final Sales Tax} = \ 22$

$\texttt{ }$

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Answer details

Grade: Middle School

Subject: Mathematics

Chapter: Percentage

Keywords: Linear , Equations , 1 , Variable , Line , Gradient , Point , Multiplication , Division , Exponent , PEMDAS , percentange , percent , cookies , chocolate , chip , paper , fourth , pieces