Questions: Find the amount of tax and the tax rate. Round to nearest hundredth of a percent. Cost of item: 103 Selling price: 117.66 Tax amount: Tax rate: %

Solution Steps

To find the tax amount and the tax rate, we can follow these steps:

1. Calculate the tax amount by subtracting the cost of the item from the selling price.
2. Calculate the tax rate by dividing the tax amount by the cost of the item and then multiplying by 100 to get the percentage.
3. Round the tax rate to the nearest hundredth of a percent.

The tax amount is calculated by subtracting the cost of the item from the selling price: \[ \text{Tax amount} = \$117.66 - \$103 = \$14.66 \]

The tax rate is calculated by dividing the tax amount by the cost of the item and then multiplying by 100 to convert it to a percentage: \[ \text{Tax rate} = \left( \frac{\$14.66}{\$103} \right) \times 100 \approx 14.23\% \]

Final Answer