If the retail tax rate is 5 cents for every 1 dollar you spend, how much tax would you pay for a $0.15 item?
A tax of $0.05 on every dollar is 5%.
Multiply:
0.05 * 0.15 = 0.0075
0.0075 is rounded up to $0.01 or 1 cent for a 15 cent purchase.
Your total is $0.16 or 16 cents.
Thank you, I was very confused on how to solve it.
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To calculate the tax for a $0.15 item with a retail tax rate of 5 cents for every dollar spent, we need to first determine the total amount of dollars the item costs. Since the item is $0.15, we divide by 100 to convert it to dollars:
$0.15 ÷ 100 = $0.0015
Next, we can multiply the amount in dollars by the tax rate of 5 cents:
$0.0015 × $0.05 = $0.000075
To express this amount in dollars and cents, we can round it to the nearest cent:
$0.000075 ≈ $0.00
Therefore, the tax paid for a $0.15 item would be $0.00.