To solve this problem, we must perform a series of calculations step by step.
1. First, we need to calculate the amount of the discount on the antique clock. The clock has an original price of \($967 and it's on sale for a discount of 5%. To find the discount amount, you multiply the original price by the discount rate.
Discount amount = Original price * Discount rate
Discount amount = $\)967 5%
Discount amount = \($967 0.05
Discount amount = $\)48.35
2. Next, we will find out the sale price after the discount has been applied. To do this, we subtract the discount amount from the original price.
Sale price = Original price - Discount amount
Sale price = \($967 - $\)48.35
Sale price = \($918.65
3. Once we have the sale price, we need to calculate the sales tax amount. The sales tax rate is 1%. We apply this rate to the sale price to get the sales tax amount.
Sales tax amount = Sale price * Sales tax rate
Sales tax amount = $\)918.65 1%
Sales tax amount = \($918.65 0.01
Sales tax amount = $\)9.1865
We typically round sales tax to the nearest cent, so we round \($9.1865 to $\)9.19.
4. Lastly, to find the total cost of the antique clock after the discount and including sales tax, we add the sales tax amount to the sale price.
Total cost = Sale price + Sales tax amount
Total cost = \($918.65 + $\)9.19
Total cost = \($927.8365
Rounding to the nearest cent, the total cost is approximately $\)927.84.
So the total cost of the antique clock after applying the 5% discount and adding the 1% sales tax is approximately $927.84.
