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Subject: Mathematics related to taxes Author: Maria [ Next Thread | Previous Thread | Next Message | Previous Message ] Date Posted: 18:32:51 10/16/03 Thu I have been working on an LCX assignement for the past few days, and yet, I'm still stumped. the problem is quite simple, it consists of talking the total price of an object and find the initial value; before taxes have been added to the price. If the Total is 80.20$ and we know that the initial price is taxed once at 7%, compounded and taxed again, at a rate of 7.5%, what is the initial price of the item? [ Next Thread | Previous Thread | Next Message | Previous Message ]

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[> Subject: Re: Mathematics related to taxes Author: Maria [ Edit | View ] Date Posted: 18:35:22 10/16/03 Thu >I have been working on an LCX assignement for the past >few days, and yet, I'm still stumped. the problem is >quite simple, it consists of taking the total price >of an object and find the initial value; before taxes >have been added to the price. If the Total is 80.20$ >and we know that the initial price is taxed once at >7%, compounded and taxed again, at a rate of 7.5%, >what is the initial price of the item? By the way, if you could include a detailed solution, i would very much appreciateit. [ Post a Reply to This Message ]

[> [> Subject: Re: Mathematics related to taxes Author: QUITTNER [ Edit | View ] Date Posted: 08:37:50 10/31/03 Fri Subject: Mathematics related to taxes Author: Maria Date Posted: 18:32:51 10/16/03 Thu >>> I have been working on an LCX assignement for the past few days, and yet, I'm still stumped. the problem is quite simple, it consists of talking the total price of an object and find the initial value; before taxes have been added to the price. If the Total is 80.20$ and we know that the initial price is taxed once at 7%, compounded and taxed again, at a rate of 7.5%, what is the initial price of the item? <<< ..... If the item would have been taxed once at 7%, then to find the initial price before taxes if the total price is 80.20, then divide 80.20 by one plus 7 hundreds. That is 80.20/1.07=74.95. Check this by using a calculator 74.95 + 7%=80.20 (rounded), OK ..... If something is compounded then you have to know also the time(s) involved, which is NOT given here. [ Post a Reply to This Message ]