Jack Matthew bought a new diamond ring for $20,000. Sales tax is 5% with a 10% excise tax. The total price including taxes that Jack paid is:

Question

Quizplus · Accepted Answer

First, calculate the sales tax: $20,000 * 5% = $1,000. Then, calculate the excise tax: $20,000 * 10% = $2,000. Add both taxes to the original price: $20,000 + $1,000 + $2,000 = $23,000. None of the provided options matches this calculation.

Jack Matthew Bought a New Diamond Ring for $20,000