Solve the Problem. -A Certain County Charges 5% Sales Tax. Find the Sales

question 48

Multiple Choice

Solve the problem.
-A certain county charges 5% sales tax. Find the sales tax on a portable phone that cost $476 and the total cost of the phone, including tax. Round answers to the nearest cent.

• A) $23.80, $499.80
• B) $238.00, $714.00
• C) $19.04, $495.04
• D) $28.56, $504.56

---

Definitions:

Future Value

The value of an asset or cash at a specified date in the future calculated based on assumed rate of growth or interest.

Compound Interest

Interest calculated on the initial principal and also on the accumulated interest of previous periods.

Future Value

The value of an investment at a specific future date, accounting for interest or returns earned over time.

Annuity Factor

A multiplier used to calculate the present value of an annuity, representing the sum of the present values of all future annuity payments.