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Math Help - tax and percent

  1. #1
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    Smile tax and percent

    A state sales tax rate is 4.8%. If the tax on a purchase was $23.76, what was the price of the purchase?






    Dave invested $8,500 in a time deposit. What interest will he earn for 2 years if the simple interest rate is 4.75%?
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  2. #2
    Grand Panjandrum
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    Quote Originally Posted by Patience View Post
    A state sales tax rate is 4.8%. If the tax on a purchase was $23.76, what was the price of the purchase?
    Let the price (before tax) be P, then the tax is:

    0.048 P = 23.76,

    so:

    P = 23.76/0.048 = $495

    RonL
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  3. #3
    Grand Panjandrum
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    Quote Originally Posted by Patience View Post
    Dave invested $8,500 in a time deposit. What interest will he earn for 2 years if the simple interest rate is 4.75%?
    With simple interest the interest paid is:

    I = Capital*rate*time=8500*0.0475*2=$807.5

    RonL
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