You buy fishing gear costing $325. State taxes are 4.5% and the federal excise tax on this item is 13.25%. What is the total purchase price? (Round your answer to the nearest cent if necessary)

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Quizplus · Accepted Answer

First, calculate the state tax: $325 * 4.5% = $14.625. Then, calculate the federal excise tax: $325 * 13.25% = $43.0625. Add these taxes to the original price: $325 + $14.625 + $43.0625 = $382.6875, which rounds to $382.69.

You Buy Fishing Gear Costing $325