Q26. - Algebra 1

Question

Find the total price of each item.

vase: $5.50  

tax: 6.25%

Step-by-Step Solution

Answer

The total cost of a vase is $5.8437.

Step 1. Use the definition of the percentage change.

The percent change is the increase or decrease in the value of a quantity. If the new value is larger than the original value then it is a percent increase and if the change in value is lesser than the original value it is called percentage decrease.

Step 2. Concept of sales tax.

Sales tax is a tax that is added to the price of the item the final price is called selling price. It is a percent of the increase in the cost.

Step 3. Find the new price.

We are given the following price and the tax percentages:

Vase: $5.50  

tax: 6.25% 

The tax is 6.25%  of the price. We will add this amount to the original price. 

So If x represents the new price after adding taxes then we have:

$\begin{array}{l}x=6.25\%\text{ of Cost + Cost}\\ x=6.25\%\times \$5.50+\$5.50\\ x=\frac{6.25}{100}\times 5.50+5.50\\ x=0.0625\times 5.50+5.50\\ x=0.3437+5.50\\ x=\$5.8437\end{array}$

Thus, the total cost of a vase is $5.8437.