Question

The tax rate as a percent, r, charged on an item can be determined using the formula StartFraction c Over p EndFraction minus 1 equals r. – 1 = r, where c is the final cost of the item and p is the price of the item before tax. Louise rewrites the equation to solve for the final cost of the item: c = p(1 + ). What is the final cost of a $40 item after an 8% tax is applied?

Answer 1

The answer i had got is 43.20

Explanation:

Answer 2

$43.2

Explanation:

Given Formula :
`c=p(1+r)`

r is in decimals

Where c is the final cost of the item

p is the price of the item before tax.

Now we are supposed to find the final cost of a $40 item after an 8% tax is applied

So, r = 8% = 0.08

p = $40

Substitute the values in the formula :

`c=40(1+0.08)`

So,
`c=43.2`

Hence the final cost of a $40 item after an 8% tax is applied is $43.2