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by pzazz12 » Mon Oct 04, 2010 4:19 am
When Leo imported a certain item, he paid a 7 percent import tax on the portion of the total value of the item in excess of $1,000. If the amount of the import tax that Leo paid was $87.50, what was the total value of the item ?

A.$ 1,600
B.$ 1,850
C.$ 2,250
D.$ 2,400
E.$ 2,750
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by sumit.sinha » Mon Oct 04, 2010 4:34 am
pzazz12 wrote:When Leo imported a certain item, he paid a 7 percent import tax on the portion of the total value of the item in excess of $1,000. If the amount of the import tax that Leo paid was $87.50, what was the total value of the item ?

A.$ 1,600
B.$ 1,850
C.$ 2,250
D.$ 2,400
E.$ 2,750
C
Cheers,
Sumit
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by Rahul@gurome » Mon Oct 04, 2010 7:20 am
Let the total value of the item = $X
Then 7% of X = 87.50
X = $1,250
Therefore, total value of the item = $1,000 + $1,250 = $2,250

[spoiler]The correct answer is (C).[/spoiler]
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by Yanat » Mon Oct 04, 2010 8:36 am
(x-1000) .07 = 87.50

Solve for x and its value is 2250
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