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Converting written problem into a Formula

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You have a item that you bought but you lost the sales receipt. There are no price stickers on the item (one of those time saving features for stores) but you remember you gave the clerk $40 and received x in change. Given that the sales tax rate in you state is 6.65%, how would you go about figuring the cost of the item itself? You may have more than one unknown but create a formula for this relationship.

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Solution Summary

This posting contains the answers to the given problems and the explanations about the answers.

Solution Preview

We will first identify the given in the problem:

Payment = $40
Change = x
Sales Tax = 6.65% or 0.0665

We are looking for the base cost of the product. ...

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