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Math Help - Calculate salesprice with tax and earning

  1. #1
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    Calculate salesprice with tax and earning

    Hello, how do I calculate the sales price from the following condictions.

    Lets say, that I bought something for 100$, I want to resell it and earn 5$
    There is a tax fee of 0.10% of the total resell price.
    How do I calculate the correct resell price so that I would have earned 5$ after my tax payment?
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  2. #2
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    Re: Calculate salesprice with tax and earning

    Quote Originally Posted by Artdack View Post
    Hello, how do I calculate the sales price from the following condictions.

    Lets say, that I bought something for 100$, I want to resell it and earn 5$
    There is a tax fee of 0.10% of the total resell price.
    How do I calculate the correct resell price so that I would have earned 5$ after my tax payment?
    $(1 - 0.001)x = 105.00 \implies x = \dfrac{105.00}{0.999} \approx 105.11.$

    $0.001 * 105.11 \approx 0.11\ and\ 105.11 - 0.11= 105.00.$
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  3. #3
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    Re: Calculate salesprice with tax and earning

    Quote Originally Posted by JeffM View Post
    $(1 - 0.001)x = 105.00 \implies x = \dfrac{105.00}{0.999} \approx 105.11.$

    $0.001 * 105.11 \approx 0.11\ and\ 105.11 - 0.11= 105.00.$
    If she resells it at 105. How much of a tax (10% of resale price) has she paid on it before netting 5

    Edit

    Obviously I overlooked and mistook 0.10% for 10%

    Cleared now

    Just curious in which State do they have a sales tax of 1/10th of 1%
    Last edited by AbrahamA; May 19th 2014 at 11:46 PM.
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