Question

A pair of shoes cost $46. If the tax rate is 8%, what is the total cost?"

Answer 1

Let's begin by listing out the information given to us:

Shoe Cost = $46, Tax Rate = 8% = 0.08

The total cost is given by:

Total Cost = Shoe Cost + Markup

`\begin{gathered} TotalCost=ShoeCost+(ShoeCost\cdot TaxRate) \\ TotalCost=46+(46\cdot0.08)=46+3.68 \\ TotalCost=\text{ \$49.68} \end{gathered}`