Calculate the Missing Information, Rounding Dollars to the Nearest Cent

question 120

Short Answer

Calculate the missing information, rounding dollars to the nearest cent and percents to the nearest tenth percent: $\begin{array}{c}\begin{array}{lll}\\\underline{\text {Item}}\\\text { Computer }\end{array}\begin{array}{lll}\\\underline{\text {Cost}}\\\$1,020.00\end{array}\begin{array}{lll}\\\underline{\text {Markup}}\\\\\end{array}\begin{array}{lll}\text {Amount of}\\\underline{\text {Selling Price}}\\\$2,219.52\end{array}\begin{array}{lll}\text {Percent Markup}\\\underline{\text {Based on Cost}}\\\\\end{array}\end{array}$

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Definitions:

Money Supply

The total amount of monetary assets available in an economy at a specific time, including cash, coins, and balances held in checking and savings accounts.

Taxing

The act of imposing taxes on individuals or businesses by the government to generate revenue for public expenditures.

Ability-to-Pay Principle

A taxation principle that suggests taxes should be levied based on the taxpayer's ability to pay, implying that those with higher incomes should pay more taxes.

Progressive Tax

A tax system where the tax rate increases as the taxable income or wealth increases, meaning higher earners pay a larger percentage of their income than lower earners.