Question

A jar of grape jelly costs $6.95 plus tax. After sales tax, the jar of grape jelly costs $7.30. What is the sales tax rate? (your answer should be a percent)​

Answer 1

5.04%

Explanation:

To find the percent difference (which represents the tax percent/rate), we can first use the formula

(final value - inital value) / (inital value)

Our final value is 7.30, and our initial value is 6.95. Plugging this into the formula, we get

(7.3-6.95)/(6.95) = 0.0504

This is a decimal. To convert a decimal to a percent, we simply multiply the decimal by 100, getting

0.0504 * 100 = 5.04% as our answer