The sales tax charged on a $40 dress was $3.20.what is the sales tax rate charged on the dress?
1 answer:
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Answer:
≈$4607
Step-by-step explanation:
I will assume it's compounded yearly.
Apply the compound interest formula.
A = Total
P = Initial Principle
r = Interest Rate
n = number of interest in every t period
t = number of periods
In the case,
P = 3500
r = 3.1% = 0.031
n = 1
t = 9
Hence,
A ≈ 4607 (nearest whole number)