Posted by gaby on Wednesday, January 6, 2010 at 8:44pm.
Set up a ratio. The cost of the gift including tax is 106% of the cost without tax.
42.40/106 = x/100
Solve for x.
(Note it does not matter whether you use 1.06 or 106 for the percentages in the ratio as long as you are consistent).
1.06x = 42.4
x = 42.4 / 1.06
x = ?
42.40 = X * 1.06
where X is the retail price
X = 42.40/1.06 = $40.00
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