Find the amount of tax and the tax rate. Round to two decimal places
2 answers:
Answer:
Tax amount: $15.17
Tax rate: 12.44%
Step-by-step explanation:
Tax amount:
Selling Price - Cost of Item = Tax Amount
$137.17 - $122 = $15.17
Tax rate:
Tax Rate * (Item Price) = Total Cost
Tax Rate * $122 = $137.17
Divide both sides by $122 to isolate the Tax Rate
Tax Rate ≅ 1.12434 (Subtract one and multiply by 100 to get the actual Tax Rate)
Tax Rate = 12.44%
Answer:
The tax amount is 15.17$
The tax rate is 12.4%.
Step-by-step explanation:
First we subtract the cost from the selling price.
137.17 - 122 = 15.17
We have found the tax amount, now for the tax rate.
If tax rate is x, then
122 * x = 137.17
Divide both sides by 122 to get
x = 137.17/122 = 1.124, or .124.
Then convert into percentage by moving the decimal to the right 2 times.
.124 = 12.4%
Hope this helps you
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