Question

Find the total price of each item.

Magazine: $3.50

tax: 5.75%

Short answer

The total cost of a magazine is $3.7012.

Step-by-step solution

Step 1. Use the definition of the percentage change.

The percent change is the increase or decrease in the value of a quantity. If the new value is larger than the original value then it is a percent increase and if the change in value is lesser than the original value it is called percentage decrease.

Step 2. Concept of sales tax.

Sales tax is a tax that is added to the price of the item the final price is called selling price. It is a percent of the increase in the cost.

Step 3. Find the new price.

We are given the following price and the tax percentages:

Magazine: $3.50

tax: 5.75%

The tax is 5.75% of the price. We will add this amount to the original price.

So If x represents the new price after adding taxes then we have:

$\begin{array}{l}x=5.75\%\text{ofCost+Cost}\\ x=5.75\%\times \$3.50+\$3.50\\ x=\frac{5.75}{100}\times 3.50+3.50\\ x=0.0575\times 3.50+3.50\\ x=0.2012+3.50\\ x=\$3.7012\end{array}$

Thus, the total cost of a magazine is $3.7012.