Question
A burger priced at $40 is given at a 10% discount, and a 1.2% sales tax is added. Determine the final selling price.
- 36.432
- 12.325
- 42.232
- 29.124
Hint:
We are given the original selling price of the burger. It is $40. The discount given on the price is 10%. It means markdown percentage is 10%. There is decrease is original selling price. The tax of 1.2% is added to it. It means there is mark-up of 1.2%. We have to find the final selling price.
The correct answer is: 36.432
The given price of the burger is $40.
The discount is 10%.
The sales tax is 1.2%.
Discount means basically a markdown in the original price. Let’s find the value of the markdown.
Discount percentage = (discount ÷ original selling price) × 100
Multiplying both the sides by original selling price and rearranging the equation, we get the equation for markdown or discount.
Discount = Discount percentage × original selling price
= 10% × 40
= 0.1 × 40
= 4
So, the discount is $4.
Let the price after discount be called as intermediate price
So the equation of intermediate price = original selling price – discount
= 40 – 4
= 36
Now sale tax is added to the price intermediate price. Sale tax is a mark-up. Let’s find the value of mark-up or sale tax using sale tax percentage.
Sale tax percentage = (sale tax ÷ intermediate price) × 100
Multiplying both the sides by intermediate price and rearranging the equation, we get the equation for sale tax.
Sale tax = sale tax percentage × intermediate price
= 1.2% × 36
= 0.012 × 36
= 0.432
So, the sale tax is $0.432
Now to find selling price, we will add the sale tax to intermediate price.
Selling price = Intermediate price + sale tax
= 36 + 0.432
= $36.432
Therefore, the final selling price is $36.432.
Mark-up means increase in the original price. Markdown is decrease in the origin price.
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