When you buy an item on which sales tax is charged, the total cost is calculated by the formula T=P+s/100p where T is the total cost, p is the items price, and s is the sales tax rate (as a percent). If you pay $14.77 for an item priced at $14, what was the tax rate ?

Given:

The formula for total cost is

where, p is the price of item and s is the sales tax rate (as a percent).

You pay $14.77 for an item priced at $14.

To find:

The the tax rate.

Solution:

You pay $14.77 for an item priced at $14. So,

Total cost (T) = $14.77

Price of item (p) = $14

Putting T=14.77 and p=14 in given formula, we get

Multiply both sides by 100.

Divide both sides by 14.

Therefore, the tax rate is 5.5%.

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