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22 February, 01:38

Al purchases a speedboat costing $24,500. State taxes are 5.5% and federal excise tax is 13%. What is the total purchase price? (Round your answer to the nearest cent if necessary)

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  1. 22 February, 04:55
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    Answer: The total purchase price is $ 29,032

    Step-by-step explanation:

    Hi, to solve this problem you have to solve the percentages of each taxes first.

    So:

    state taxes = $24,500 * 5.5% = $1,347.5 federal tax = $24,500 * 13% = $3,185

    The next step is adding the taxes results to the speedboat cost.

    so:

    speedboat = $24,500

    speedboat + taxes = $24,500 + $1,347.5 + $3,185 = $29,032

    The total purchse price for the speedboat is $29,032.
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