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.
:
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%