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Q: sales tax formula ( No Answer,   2 Comments )
Question  
Subject: sales tax formula
Category: Business and Money > Accounting
Asked by: robkumquat-ga
List Price: $2.00		 Posted: 20 Nov 2004 21:04 PST
Expires: 20 Dec 2004 21:04 PST
Question ID: 431698 
2966.77=x+(x*0.06625)

What is x where x is the amount of pre-tax sales, if the tax rate is
6.625% and the final amount charged is $2966.77?
Answer  
There is no answer at this time.

Comments  
Subject: Re: sales tax formula
From: puddy1234-ga on 20 Nov 2004 22:13 PST		  
$2782.43
Subject: Re: sales tax formula
From: vpoet-ga on 04 Apr 2005 03:06 PDT		  
p=x+(x*t)

p is total price (2966.77)
x is pre-tax price
t is tax (.06625)

p=1x+tx
p=x(1+t)
p/(1+t)=x

so

(2966.77)/(1+.06625)=x
2782.44 = x
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