In May, 2018 a store had a furniture with a listed price of $550, having a sales tax of 3% on the listed price. Next month the price increased by 33 1 3 %. What sales tax should be paid in dollars on the new price?
4/3 * $550 * .03 = ?
.03 * 550 * 1.33333333... =
1.3333 * 550 * 0.03 =
To calculate the sales tax on the new price, we need to follow a few steps:
Step 1: Calculate the new price after the increase of 33 1/3%
To calculate the new price, we need to increase the listed price by 33 1/3%.
The increase of 33 1/3% can be calculated by multiplying the listed price by (1 + 33 1/3%), which is equivalent to multiplying it by 1.3333.
New Price = Listed Price * (1 + 33 1/3%)
New Price = $550 * 1.3333
New Price = $733.33 (rounded to the nearest cent)
Step 2: Calculate the sales tax on the new price
To calculate the sales tax on the new price, we need to multiply the new price by the sales tax rate of 3%.
Sales Tax = New Price * 3%
Sales Tax = $733.33 * 3%
Sales Tax = $22.00 (rounded to the nearest cent)
Therefore, the sales tax that should be paid in dollars on the new price is $22.00.