The total price of an article is $7.02, including tax. If the tax rate is 8%, what is the retail price of the article?
1.08x = 7.02
x = 7.02 / 1.08
x = $6.50
130
+750=
880*
100=
8.00
To find the retail price of the article, we need to figure out the original price before tax.
Let's assume the retail price of the article is x.
The tax rate is 8%, which means the tax is 8/100 * x = 0.08x.
The total price, including tax, is $7.02, so we can set up the equation:
x + 0.08x = $7.02
Combine like terms:
1.08x = $7.02
Divide both sides of the equation by 1.08:
x = $7.02 / 1.08
x ≈ $6.50
Therefore, the retail price of the article is approximately $6.50.
To find the retail price of the article, we need to subtract the tax amount from the total price.
The tax rate is given as 8%. This means that the tax amount is 8% of the retail price of the article.
Let's assume the retail price is represented by "x". Therefore, the tax amount is 8% of x, which can be calculated as (8/100) * x.
The total price, including tax, is given as $7.02. So we can write the equation as:
x + (8/100) * x = $7.02
To solve this equation, we first combine the terms on the left side:
(1 + 8/100) * x = $7.02
Simplifying further:
(1 + 0.08) * x = $7.02
1.08 * x = $7.02
Now, divide both sides of the equation by 1.08 to isolate "x":
x = $7.02 / 1.08
x ≈ $6.50
Therefore, the retail price of the article is approximately $6.50.