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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Originally Posted by Patience 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
Originally Posted by Patience 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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