Answer :
Answer:
1%
Step-by-step explanation:
Sales tax = $505 - $500 = $5
% Sakes tax = 5/500 × 100 = 100/100 = 1%
Answer:
Step-by-step explanation:
Step 1: Subtract the pre-tax amount from the total cost
$505 - $500 = Sales Tax
$5.00 = Sales Tax
Step 2: Create a ratio of the sales tax to the pre-tax cost of the items
Sales Tax
[tex]\frac{Sales Tax}{Pre-Tax Value}[/tex] = [tex]\frac{5}{500}[/tex]
Step 3: Create a proportion where the pre-tax value is proportional to 100% and solve for the sales tax percentage.
[tex]\frac{5}{500} = \frac{Salex tax percentage}{100}[/tex]
Cross-multiply and solve
$500 x Sales tax percentage = $5 x 100%
$500 x Sales tax percentage = $500
Isolate the sales tax percentage to the left side of the equation by dividing each side by the pre-tax value.
[tex]\frac{500 x Sales tax percentage}{500} = \frac{500}{500}[/tex]
Sales tax percentage = 1%
(If needed, Round to two decimal places since our answer is in dollars and cents.)
Last, we can check this answer by calculating the sales tax percentage of the total.
First, we need to convert the sales tax percentage into a decimal by moving the point two spaces to the left.
1%→0.01
Finally, we need to multiply the pre-tax cost of this item by this value to calculate the sales tax cost.
Sales Tax = 0.01 x $500.00
Sales Tax = $5.00
Add the sales tax value to the pre-tax value of the item to fine the total cost
Total Cost = Pre-Tax + Sales Tax
Total Cost = $500 + $5
Total cost = $505
