Answer:
The amount of tax is $14.37 and the tax rate percentage is 12.18%
Step-by-step explanation:
Find the amount of tax by finding the difference between the cost and selling price:
132.37 - 118
= 14.37
Find the tax rate percentage by dividing the tax by the original cost, and multiplying it by 100:
(14.37/118) x 100
= 12.18
The amount of tax is $14.37 and the tax rate percentage is 12.18%
