An item costs $ 340 before tax, and the sales tax is $ 10.20 . what is the sales tax rate
Mathematics · College · Thu Feb 04 2021
Answered on
Given:
An item costs $ 340 before tax, and the sales tax is $ 10.20.
Determine the tax rate.
Solution:
In order to determine the sales tax rate, we simply need to divide the sales tax by the original item cost.
= $10.20/$340
= 0.03
Since we are given a decimal answer, in order to convert it into percentage, we multiply the decimal by 100. Hence, in converting a percentage into decimal, we divide the percentage by 100.
= (0.03)(100)
= 3%
Final answer:
The sales tax rate is 3%