The sales tax for an item was $23.50 and it cost $470 before tax. Find the sales tax rate. Write your answer as a percentage
To find the sales tax rate, we will divide the sales tax ($23.50) by the cost before tax ($470) and multiply by 100 to express the answer as a percentage.
Sales tax rate = (Sales tax / Cost before tax) * 100
Sales tax rate = (23.50 / 470) * 100
Sales tax rate = 0.05 * 100
Sales tax rate = 5
Therefore, the sales tax rate is 5%.
To find the sales tax rate, you can use the formula:
Sales Tax Rate = (Sales Tax / Cost before Tax) * 100%
Given that the sales tax is $23.50 and the cost before tax is $470, we can substitute these values into the formula:
Sales Tax Rate = (23.50 / 470) * 100%
Simplifying the equation gives us:
Sales Tax Rate = 0.05 * 100%
Therefore, the sales tax rate is 5%.