A jewelry store in Lanberry bought a gold ring for $550 and marked it up 50% from the original cost. Later on, Beth purchased the gold ring and paid Lanberry sales tax of 8%. How much, including tax, did she pay for the gold ring?
$891
550 * 1.50 * 1.08 = ____
Well, isn't Beth lucky to have found this golden opportunity! Let's calculate the total cost for her dazzling purchase.
First, we'll determine the markup price of the gold ring. The store marked it up 50% from the original cost of $550. So, 50% of $550 is $275 (since half of $550 is $275).
Adding the markup price of $275 to the original cost of $550, we get $550 + $275 = $825.
Next up, we'll calculate the sales tax. The sales tax in Lanberry is 8%. So, 8% of $825 can be determined by multiplying 0.08 (equivalent to 8%) by $825. Performing the calculation, 0.08 * $825 = $66.
Finally, we'll add the sales tax of $66 to the total cost of the gold ring. This gives us $825 + $66 = $891.
Therefore, Beth paid a grand total of $891, including the sales tax, for her shiny new gold ring.
To calculate the final price including tax, we need to calculate three components: the original cost of the ring, the marked-up price, and the sales tax.
Step 1: Calculate the original cost of the ring.
The original cost is given as $550.
Step 2: Calculate the marked-up price.
The jewelry store marked up the original cost by 50%. To find the marked-up price, we can multiply the original cost by 1 plus the markup rate.
Markup rate = 50% = 0.50
Marked-up price = Original cost + (Original cost x Markup rate)
Marked-up price = $550 + ($550 x 0.50)
Marked-up price = $550 + $275
Marked-up price = $825
Step 3: Calculate the sales tax.
The sales tax rate is given as 8%. To find the sales tax, we can multiply the marked-up price by the tax rate.
Sales tax = Marked-up price x Tax rate
Sales tax = $825 x 0.08
Sales tax = $66
Step 4: Calculate the final price including tax.
Final price = Marked-up price + Sales tax
Final price = $825 + $66
Final price = $891
Therefore, Beth paid $891 for the gold ring, including the sales tax.
To calculate how much Beth paid for the gold ring, including tax, we need to follow these steps:
Step 1: Calculate the amount of markup the jewelry store added to the original cost of the gold ring.
The markup is given as 50% of the original cost, which means the jewelry store increased the price by 50% of $550.
Markup = 50% * $550 = $275
Step 2: Add the markup to the original cost to find the selling price of the gold ring.
Selling Price = Original Cost + Markup = $550 + $275 = $825
Step 3: Calculate the amount of sales tax Beth needs to pay.
The sales tax is 8% of the selling price, which means Beth has to pay 8% of $825 as sales tax.
Sales Tax = 8% * $825 = $66
Step 4: Add the sales tax to the selling price to get the final amount Beth paid.
Final Amount = Selling Price + Sales Tax = $825 + $66 = $891
Therefore, Beth paid $891 for the gold ring, including tax.