Jenny bought scrapbook supplies for $70.75. She paid $5.66 in sales tax. What was the sales tax rate on the supplies? If necessary, round your answer to the nearest tenth.
70.75(1-1/(1+r)) = 5.66
r = 0.0869 = 8.69%
I'm in 6th grade and I have to show my work. However, Steve, I don't understand the work you gave me. Is there any other way you can tell me?
consider the sales tax. If it is 5%, the the final price is the retail price times 1.05, right?
So, if our tax rate is r (expressed as a decimal), then the final cost of 70.75 is (1+r) times the sticker price.
The tax amount is the final cost minus the sticker price:
70.75 - 70.75/(1+r) = 5.66
Ok thanks : ))
Jenny buys scrapbooking supplies for $70.75, not including tax. The store adds $5.66 in sales tax to her total cost of supplies.
What is the sales tax rate on the supplies? If necessary, round your answer to the nearest tenth.
Mine is multiple choice,
A) 7.5%
B) 8%
C) 7%
D) 9%
To find the sales tax rate on the supplies, we need to first calculate the ratio of the sales tax to the total cost of the supplies. The formula for calculating the sales tax rate is:
Sales Tax Rate = (Sales Tax / Total Cost) * 100
In this case, the sales tax is $5.66 and the total cost of the supplies is $70.75. Plugging these values into the formula:
Sales Tax Rate = ($5.66 / $70.75) * 100
Now, let's solve this equation step-by-step to find the sales tax rate:
1. Divide the sales tax by the total cost:
$5.66 / $70.75 = 0.07998932668
2. Multiply the result by 100 to express it as a percentage:
0.07998932668 * 100 = 7.998932668
Rounding this value to the nearest tenth, the sales tax rate on the supplies is approximately 8.0%.
Therefore, the sales tax rate on the supplies is 8.0%.