Question

Find the amount of tax and tax rate. Round to nearest hundredth of a percent. COST OF ITEM: $130 SELLING PRICE: $142.28 Tax amount ? Tax rate ?

Answer 1

To find the sales tax rate, take the final (142.28) minus the initial (130) divided by the initial (130) and multiply it all by 100.

142.28 - 130 = $12.28

$12.28 / 130 = 0.0945

0.09446 * 100 = 9.45%