Question

Lois Clark bought a ring for $6,800. She must still pay a 6% sales tax and...

Lois Clark bought a ring for $6,800. She must still pay a 6% sales tax and a 10% excise tax. The jeweler is shipping the ring, so Lois must also pay a $30 shipping charge.

What is the total purchase price of Lois’s ring?

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Answer #1

Solution:-

Calculate Total Purchase price of Lois's ring:-

Total Purchase Price = Purchase Price + Sales Tax + Excise Tax + Shipping Charge

                                   = $6,800 + [$6,800 x 0.06] + [$6,800 x 0.10] + $30

                                  = $6,800 + $408 + $680 + $30

                                  = $7,918

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