Question

a new television set was recently purchased for the common room in a residence hall for $504.70 including tax. if the tax rate is 3%, find the price of the television set before taxes.
$ (type an integer or a decimal rounded to two decimal places.)

Explanation:

Step1: Let the price before tax be $x$.

The price including tax is the price before tax plus the tax amount. The tax amount is 3% of the price before tax, so the equation is $x + 0.03x=504.70$.

Step2: Combine like - terms.

We get $1.03x = 504.70$.

Step3: Solve for $x$.

$x=\frac{504.70}{1.03}=490$

Answer:

$490.00$