a jeweler buys a ring from jewelry maker for $125. he marks up the price by 135% for sale in his store. what is the selling price of the ring with 7.5% sales tax?
You wouls do 125 times 135% and that would be 168.75 then you would do 125 add 168.75 which would equal 293.75 then you would do 293.75 times 7.5% which equals 22.03 then you would do 22.03 add 293.75 and the answer would be 315.78
Answer with explanation:
Price paid by Jeweler to jewelry maker for a ring=$125
Price that Jeweler wants for the ring
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Sales tax =7.5%
Price of ring if 7.5 % sales tax is included in 135% marked price
\(=293.75 -293.75 *\frac{7.5}{100}\\\\=293.75-22.03125\\\\=271.71875\\\\=271.72\)$
Price of ring if 7.5 % sales tax is not included in 135% marked price
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