A bicycle has a listed price of $508.95 before tax. If the sales tax rate is 8.25%, find the total cost of the bicycle with sales tax included.Round your answer to the nearest cent, as necessary.
Question
A bicycle has a listed price of $508.95 before tax. If the sales tax rate is 8.25%, find the total cost of the bicycle with sales tax included.Round your answer to the nearest cent, as necessary.
Solution
Step 1: Convert the sales tax rate from a percentage to a decimal. To do this, divide the percentage by 100. So, 8.25% becomes 0.0825.
Step 2: Multiply the price of the bicycle by the sales tax rate (in decimal form) to find the amount of sales tax. So, 41.99.
Step 3: Add the amount of sales tax to the original price of the bicycle to find the total cost. So, 41.99 = $550.94.
Therefore, the total cost of the bicycle with sales tax included is $550.94.
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