A product used to have a price of $20.50. Its price was then increased by 2%. Additionally, a 7% tax is added when the product is purchased. What is the total cost, including tax, of purchasing the product?

21.4963

Step-by-step explanation:2% of 20.5 is. 41

20.5 -.41 = 20.09

7% is 1.4063 add it is is 21.4963

In this question, we're trying to find the final price of the product.

We know that the original price was $20.50

However, the product increased by 2%

And we also know that a 7% tax rate was applied to the cost.

First, we need to find the increased price of the product. To find this, we would need to multiply 20.50 by 1.02:

20.50 · 1.02 = 20.91‬

Now, we know tax was applied to the increase price, so multiply 20.91‬ by 1.07

20.91‬ · 1.07 = 22.3737

Round the nearest hundredths:

$22.37

This means that the total cost of the product was $22.37

Answer:

$22.37