I know this is an easy easy easy question, but when it comes to math, my mind just quits. Well, I've been working on this question for twenty minutes and I still haven't figure the answer out, and I'm desperate
"A CD is priced at $21.99. The totIal cost, including PST and 7% GST, is $25.99. What is the PST rate? "
Thanks!
2006-10-20 14:06:21 · 2 answers · asked by Livia 2 in Education & Reference ➔ Homework Help
21.99 + 21.99*tax% = 25.99
solve for tax% = (25.99-21.99)/21.99
tax % = 0.1819 = ~ 18%
The PST must be 18% - 7% = 11%
2006-10-20 14:11:18 · answer #1 · answered by NordicGuru 3 · 1⤊ 0⤋
I guess the answer will be determined on the order in which the tax is determined. It is my assumption here that you will be taxed on the value of the item purchased, not on the value after one tax is applied (assuming gst and pst are taxes). So then another question is if PST is a percentage or an amount. There are some unanswered questions.
21.99 at 7% = 1.5393
So the total value of the PST is 2.4607
The actual of PST is 24.4507 / 21.99 = 1.1119008640291041382446566621191 or 11.19008640291041382446566621191%
Propably the tax is 11.2% with rounding considered.
2006-10-20 14:41:00 · answer #2 · answered by Anmont 2 · 1⤊ 0⤋