Question

Find the amount of tax and the tax rate. Round to nearest hundredth of a percent.

Cost of item: $52

Selling price: $71.97

Answer 1

Amount of Tax = $19.97

Tax Rate = 28%

Explanation:

Amount of Tax = $71.97 - $52 = $19.97

Tax Rate = 19.97/71.97 × 100

= 0.28 × 100 = 28%