Business Mathematics Brief 12th Edition by Stanley Salzman ,Gary Clendenen, Charles Miller

Exercise 232

Solve the following application problem. (See Examples.)
Finding Sales When Sales Tax Is Given
One week, a Famous Footware store collected sales taxes of $780. If the sales tax rate is 5% find total sales for the week.
SOLUTION
Here, the rate of tax collection is 5% and taxes collected are a part of total sales. The rate in this problem is 5%,he part is $780, and the base, or total sales, must be found. Arrange the problem in standard form.

Using the formula B =
we get

The calculator solution to this example is

Finding the Amount of an Investment
Roberta Gonzales received $162.50 in interest from an account that paid 1.25, interest for the year. Find the amount of money invested in the account.
SOLUTION
The part ( P ) is the $162.50 in interest and the rate ( R ) is 1.25,. The whole, or base ( B ), is unknown.

The original investment was $13,000.
GAMBLING PAYBACK An Atlantic City casino advertises that it gives a 97.4% payback on slot machines, and the balance is retained by the casino. If the amount retained by the casino one day is $4823, find the total amount played on the slot machines. ________________