Question

QUESTION 2

Find Percent Increase:
The original price for a product is $53.93 and the sale's tax rate is 29%. Find the amount of tax and the total selling price. Round to the nearest cent.
A $15.64 and $69.57
B. $38.29 and 592.22
C. $15.64 and $38.29
D. $16.78 and $70.21

QUESTION 3
Find Future Value Using Simple Interest Formula:
Chad got a student loan for $10,000 at 8% annual simple interest. How much does he owe after two years?
A $12,800
B. $10,800
C. $11,600
D. $11,664

Answer 1

QUESTION 2 -> Correct option: A.

QUESTION 3 -> Correct option: C.

Explanation:

QUESTION 2

To find the amount of tax we just need to multiply the tax rate by the original price of the product:

`Tax = 29\% * 53.93`

`Tax = 0.29 * 53.93`

`Tax =\$15.64`

Then, to find the total selling price, we need to sum the original price to the tax value:

`Total = tax + price`

`Total = 15.64 + 53.93`

`Total = \$69.57`

Correct option: A.

QUESTION 3

To find the final value after 2 years, we can use the formula:

`P = Po * (1 + r*t)`

Where P is the final value, Po is the inicial value, r is the interest and t is the amount of time. Then, we have that:

`P = 10000 * (1 + 0.08 * 2)`

`P = \$11600`

Correct option: C.