A music store charges $18.50 for a CD plus a 0.5% city tax and a separate 4% state tax.
a. How much will you pay for the CD? Round to the nearest cent.
b. How many more tax dollars does the state get than the city? Round to the nearest cent.
Confused!
0.5% = 0.5 / 100 = 0.005
4% = 4 / 100 = 0.04
0.5% city tax = 0.005 ∙ $18.5 = $0.0925
4% state tax = 0.04 ∙ $18.5 = $0.74
a.
Price = charges + city tax + state tax =
$18.5 + $0.0925 + $0.74 = $19.3325
$19.33
rounded to the nearest cent
b.
$0.74 - $0.0925 = $0.6475
$0.65
rounded to the nearest cent
Don't worry! I'll break it down for you step by step.
a. To calculate the total cost of the CD, we need to add the price of the CD and the taxes together.
Step 1: Calculate the city tax:
Multiply the CD price by the city tax rate (0.5% = 0.005).
City tax = $18.50 x 0.005
Step 2: Calculate the state tax:
Multiply the CD price by the state tax rate (4% = 0.04).
State tax = $18.50 x 0.04
Step 3: Add the price of the CD and both taxes together:
Total cost = CD price + City tax + State tax
b. To find out how many more tax dollars the state gets than the city, we need to subtract the city tax from the state tax.
Step 1: Subtract the city tax from the state tax:
State tax - City tax
Let's perform the calculations:
a.
Step 1: City tax = $18.50 x 0.005 = $0.0925
Step 2: State tax = $18.50 x 0.04 = $0.74
Step 3: Total cost = $18.50 + $0.0925 + $0.74
b.
State tax - City tax
Now, let's calculate the values:
a.
Total cost = $18.50 + $0.0925 + $0.74 = $19.3325 (rounded to the nearest cent = $19.33)
b.
State tax - City tax = $0.74 - $0.0925
The state gets $0.6475 more in taxes than the city (rounded to the nearest cent = $0.65).
So, the answer to a is $19.33 and the answer to b is $0.65.
I hope this helps clarify the confusion!
Don't worry! I'll break it down for you.
a. To find out how much you will pay for the CD, let's first calculate the city tax and state tax separately.
City tax: 0.5% of $18.50
To calculate the city tax, multiply 0.5% (or 0.005 as a decimal) by $18.50:
City tax = 0.005 * $18.50
State tax: 4% of $18.50
To calculate the state tax, multiply 4% (or 0.04 as a decimal) by $18.50:
State tax = 0.04 * $18.50
Now, let's add the CD price, city tax, and state tax together to get the total cost:
Total cost = CD price + City tax + State tax
To round to the nearest cent, you can round the final answer to two decimal places.
b. To find out how many more tax dollars the state gets than the city, subtract the city tax from the state tax:
State tax - City tax
Now, let's calculate these values step by step:
a. CD price:
CD price = $18.50
City tax:
City tax = 0.005 * $18.50 = $0.0925
State tax:
State tax = 0.04 * $18.50 = $0.74
Total cost:
Total cost = $18.50 + $0.0925 + $0.74 = $19.3325 (rounding to $19.33)
b. State tax - City tax:
$0.74 - $0.0925 = $0.6475 (rounding to $0.65)
So, rounded to the nearest cent:
a. You will pay $19.33 for the CD.
b. The state gets $0.65 more in taxes than the city.