Final Answer:
The total cost of a $37.95 pair of shoes with an 8% tax is $41.06.
Step-by-step explanation:
To calculate the total cost, you need to add the original cost of the shoes to the tax applied. The tax is calculated as a percentage of the original cost. In this case, an 8% tax on a $37.95 pair of shoes can be found by multiplying the original cost by 0.08 (8%). Therefore, the tax is 37.95 \times 0.08 = $3.04. Adding this tax to the original cost gives the total cost: 37.95 + 3.04 = $41.06.
Understanding how to calculate tax is essential in determining the final price of a product. It involves using the percentage of the tax rate to find the additional cost. In this example, the 8% tax rate is applied to the original cost of the shoes, contributing to the final amount the consumer will pay. It's crucial to be aware of such calculations to make informed purchasing decisions and understand the breakdown of costs associated with a product.
Rounding the final answer to the nearest cent is a common practice in financial transactions. In this case, the total cost of $41.06 is rounded to the nearest cent, resulting in the final answer of $41.06. Rounding ensures clarity in financial transactions and simplifies the presentation of costs for consumers and businesses alike.