SOLUTION: You have an item that you bought but you lost the sales receipt. There are no price stickers on the item but you remember you gave the clerk $40 and received x in change. Given th

Question 162130: You have an item that you bought but you lost the sales receipt. There are no price stickers on the item but you remember you gave the clerk $40 and received x in change. Given that the sales tax rate in the state is 6.65%, how would you go about figuring the cost of the item itself? You may have more than one unknown but create a formula for this relationship.
If you returned the item to a store in another state with a different tax rate, what would the tax rate need to be for you to get back more money that you paid out?

Answer by ankor@dixie-net.com(22740) (Show Source): You can put this solution on YOUR website!
You have an item that you bought but you lost the sales receipt. There are no price stickers on the item but you remember you gave the clerk $40 and received x in change. Given that the sales tax rate in the state is 6.65%, how would you go about figuring the cost of the item itself? You may have more than one unknown but create a formula for this relationship.
:
Let p = price of the item
Then
.065x = tax on the item
:
x = 40 - (p+.0665p)
x = 40 - 1.0665p
:
If you returned the item to a store in another state with a different tax rate, what would the tax rate need to be for you to get back more money that you paid out?
Tax > 6.65%
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