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leo

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leo [#permalink] New post 11 Dec 2008, 16:30
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When Leo imported a certain item, he made a 7 percent import tax on the portion of the total value of the item in excess of $1,000. If the amount of the import tax that Leo paid was $87.50, what was the total value of the item?

A. $1,600
B. $1,850
C. $2,250
D. $2,400
E. $2,750
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Re: leo [#permalink] New post 12 Dec 2008, 01:38
haichao wrote:
When Leo imported a certain item, he made a 7 percent import tax on the portion of the total value of the item in excess of $1,000. If the amount of the import tax that Leo paid was $87.50, what was the total value of the item?

A. $1,600
B. $1,850
C. $2,250
D. $2,400
E. $2,750



if 7% tax is $87.50, then the value of item ( exceeds $1000) without tax will be= 100% which is-

(87.5/7)*100
12.5*100
or, 1250.

So, total Value will be = 1000+1250 = $2250. Correct ans: C.
Re: leo   [#permalink] 12 Dec 2008, 01:38
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