Question

Create a list named tax_rates, consisting of the following five elements: 0.10, 0.15, 0.21, 0.28, 0.31, in that order.

A) [0.10, 0.15, 0.21, 0.28, 0.31].
B) [0.21, 0.10, 0.15, 0.28, 0.31].
C) [0.15, 0.21, 0.10, 0.28, 0.31].
D) [0.10, 0.15, 0.28, 0.21, 0.31].

Answer 1

Option A) [0.10, 0.15, 0.21, 0.28, 0.31] correctly lists the tax rates in the specified order. These rates are decimals equivalent to percentages used for calculating things like sales tax.

Step-by-step explanation:

To create a list named tax_rates with the elements 0.10, 0.15, 0.21, 0.28, 0.31 in that order, you should choose option A) [0.10, 0.15, 0.21, 0.28, 0.31]. Each element in the list represents a tax rate, expressed as a decimal rather than a percentage.

For understanding how these tax rates might be applied in a practical situation, consider the example of calculating sales tax on an item. Using the $150.00 item with a 10% sales tax as an example:

• Convert the percent to a decimal: 10% becomes 0.10.
• Multiply the decimal by the total cost to find the sales tax amount: $150.00 x 0.10 = $15.00.
• Add the sales tax amount to the total cost to find the final amount: $150.00 + $15.00 = $165.00.