Question

Find the marked price and sales tax. Round to the nearest cent. Total Sale $92.31 Sales Tax Rate: 4% A. $87.91: $4.40 B. $88.76:$3.55 C. $65.94: $26.87 D. 589.62: $2.69

Answer 1

B. $88.76:$3.55

Step-by-step explanation:

Total Sales = $92.31

Sales Tax Rate= 4%

Let the marked price of the good = x

It therefore means that:

`x+(4\%\text{ of x)}=92.31`

We then solve the equation above for x.

`\begin{gathered} x+0.04x=92.31 \\ 1.04x=92.31 \\ x=(92.31)/(1.04) \\ x=\$88.76 \end{gathered}`

Therefore, the Sales Tax will be:

`\begin{gathered} =4\%\text{ of 88.76} \\ =0.04*88.76 \\ =\$3.55 \end{gathered}`