Given:
Rate of sales tax = 7%
Marked price of an item = $19.94
To find:
The final cost of the item once tax is included.
Solution:
We have,
Rate of sales tax = 7%
Marked price of an item = $19.94
[tex]\text{Sales tax}=\dfrac{7}{100}\times 19.94[/tex]
[tex]\text{Sales tax}=1.3958[/tex]
Now, final cost of the item once tax is included is
[tex]\text{Final cost}=\text{Marked price}+\text{Sales tax}[/tex]
[tex]\text{Final cost}=19.94+1.3958[/tex]
[tex]\text{Final cost}=21.3358[/tex]
Therefore, the final cost of the item once tax is included is $21.3358.
