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15 Sep 2020, 03:45
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C
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Difficulty:
25%
(medium)
Question Stats:
80% (01:56) correct
20%
(02:29)
wrong
based on 526
sessions
History
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Result
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A certain state has a sales tax of 2 percent on the purchase price of all products. In addition, a city within this state imposes its own 0.5 percent sales tax on the purchase price of all products. If the sales tax on a particular product purchased in this city was $2.80, what was the purchase price of this product?
A. $40
B. $56
C. $112
D. $137
E. $140
A. $40
B. $56
C. $112
D. $137
E. $140
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15 Sep 2020, 03:50
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Bunuel
Total Tax = 2% on Purchase price + 0.5% on purchase price = 2.5% on Purchase price = $2.8
i.e. \((\frac{2.5}{100})*Cost = 2.8\)
i.e. \(Cost = $112\)
Answer: Option C
15 Sep 2020, 03:54
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Sales tax is 2% on the purchase price.
Another sales tax of 0.5% on the purchase price.
Therefore, total sales tax imposed on the purchase price = 2.5%
Let purchase price = p
2.5% of p = $2.80
On solving, p = $112.
The answer will be C.
Another sales tax of 0.5% on the purchase price.
Therefore, total sales tax imposed on the purchase price = 2.5%
Let purchase price = p
2.5% of p = $2.80
On solving, p = $112.
The answer will be C.
