Answer:
Effective Tax rate is 8.15%
Explanation:
Candy Marked Price = $1.35
Customer has to pay = $1.46
Tax amount in the price = $1.46 - $1.35
Tax amount in the price = 0.$11
Effective Tax rate as Percentage = ( $0.11 / $1.35 ) x 100
Effective Tax rate as Percentage = 0.0815 x 100
Effective Tax rate as Percentage = 8.15%
Check:
Price inclusive of Tax = 1.35 x ( 1 + 8.15% )
Price inclusive of Tax = 1.35 x ( 1 + 0.0815 )
Price inclusive of Tax = 1.35 x 1.0815
Price inclusive of Tax = $1.46
