Question

The sales tax rate is 5.3%. Elmer buys a tennis racket priced at $69.35.

1. What is the tax amount (nearest penny)? (Symbol required)
2. What is his total cost including tax (nearest penny)? (Symbol required)

Answer 1

1. The tax amount on the tennis racket, priced at $69.35 with a 5.3% sales tax rate, is approximately $3.67 (rounded to the nearest penny).

2. The total cost, including tax, is approximately $73.02 (rounded to the nearest penny).

Step-by-step explanation:

To calculate the tax amount, you multiply the purchase price by the sales tax rate. Mathematically, it is expressed as:

`\[ \text{Tax Amount} = \text{Purchase Price} * \left( \frac{\text{Sales Tax Rate}}{100} \right) \]`

Substituting the given values:

`\[ \text{Tax Amount} = $69.35 * \left( (5.3)/(100) \right) \]`

Calculating this expression gives a tax amount of approximately $3.67, rounded to the nearest penny.

To find the total cost, including tax, you add the purchase price to the tax amount:

`\[ \text{Total Cost} = \text{Purchase Price} + \text{Tax Amount} \]`

Substituting the values:

`\[ \text{Total Cost} = $69.35 + $3.67 \]`

Calculating this gives a total cost of approximately $73.02, rounded to the nearest penny.

In conclusion, Elmer's tax amount on the tennis racket is approximately $3.67, and the total cost, including tax, is approximately $73.02. These calculations are based on the given sales tax rate of 5.3%.