an item costs $420 before tax, and the sales tax is $29.40. find the sales tax rate. write your answer as a…

an item costs $420 before tax, and the sales tax is $29.40. find the sales tax rate. write your answer as a percentage.

an item costs $420 before tax, and the sales tax is $29.40. find the sales tax rate. write your answer as a percentage.

Answer

Explanation:

Step1: Recall tax - rate formula

The formula for the sales - tax rate $r$ is $r=\frac{\text{Sales Tax}}{\text{Cost before tax}}\times100%$.

Step2: Substitute given values

We are given that the cost before tax is $$420$ and the sales tax is $$29.40$. Substitute these values into the formula: $r = \frac{29.40}{420}\times100%$.

Step3: Calculate the fraction value

First, calculate $\frac{29.40}{420}=0.07$.

Step4: Convert to percentage

Then, multiply by 100: $0.07\times100% = 7%$.

Answer:

$7%$