Question

A bicycle has a listed price of $556.98 before tax. If the sales tax rate is 8.75% find the total cost of the bicycle with sales tax included.

Round your answer to the nearest cent, as necessary.

Answer 1

Total Price with Tax: $ 605.72

Explanation:

We can write an equation for the total cost of the bicycle as:

C=p+(t×p)

Where:

C is the total cost we are trying to calculate.

p is the list price - $556.98

t is the tax rate - 8.75%. "%" means "out of 100" or "per 100", Therefore 8.75% can be written as 8.75
`(x)/(100)`.

Substituting and solving for C gives:

C = $556.98(
`(8\\.75)/(100)`×$556.98)

C = $556.98+$48.74

C = $605.72