Find the amount of tax and the tax rate. If necessary, round to nearest hundredth of a %. Cost of item: $200 Selling price: $227.16

Question

i think i know how to do this but not 100% sure

Answer 1

The amount of tax is easy cheesy.

 

227.16 - 200 = 27.16

 

To find the rate, divide the tax by the original amount, then multiply by 100.

 

27.16/200 = .1358

.1358(100) = 13.58%

Answer 2

tax = tax rate times PRICE

27.16 = r(200)    $200 is LIST PRICE of item (its cost to the seller is less, it is to be hoped)

Solve for r and convert to % by shifting decimal two places to the left, suitably rounded.