Find the amount of tax and the tax rate. Round to nearest hundredth of a percent . Cost of item: $118 Selling price: $132.37 Tax
Amount: $ Tax Rate percentage%
1 answer:
Answer:
The amount of tax is $14.37 and the tax rate percentage is 12.18%
Step-by-step explanation:
Find the amount of tax by finding the difference between the cost and selling price:
132.37 - 118
= 14.37
Find the tax rate percentage by dividing the tax by the original cost, and multiplying it by 100:
(14.37/118) x 100
= 12.18
The amount of tax is $14.37 and the tax rate percentage is 12.18%
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