Use the Five-Step Strategy for Solving Word Problems to Find $6.8 \%$

question 133

Multiple Choice

Use the five-step strategy for solving word problems to find the number or numbers described in the following
exercise.
-Inclusive of a $6.8 \%$ sales tax, a diamond ring sold for $\$ 2029.20$ . Find the price of the ring before the tax was added. (Round to the nearest cent, if necessary.)

• A) \(\$ 1900\)
• B) \(\$ 2167.19\)
• C) \(\$ 1891.21\)
• D) \(\$ 137.99\)

Identify factors that cause shifts in supply and demand curves, and understand their effects on market outcomes.

Appreciate the impact of governmental policies such as price floors, ceilings, and rent controls on market equilibrium.

Grasp the concepts of usury and laws regulating interest rates and their implications for consumers and the market.

Interpret the basic principles of the price system and signal mechanisms in a market economy.

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Definitions:

Unconditionally

Without any conditions or limitations; absolutely.

Draft

A preliminary version of a piece of writing or document that is open for discussion, modification, or approval.

Instrument Value

The actual worth or significance of a financial document, like a stock or bond, in transactions.

Maker

The party in a financial transaction who creates or signs a promissory note, thereby agreeing to pay the note's value to a specified party.