To solve this problem, we must perform a series of calculations step by step.
1. First, we need to calculate the amount of the discount on the antique clock. The clock has an original price of [tex]$967 and it's on sale for a discount of 5%. To find the discount amount, you multiply the original price by the discount rate.
Discount amount = Original price * Discount rate
Discount amount = $[/tex]967 5%
Discount amount = [tex]$967 0.05
Discount amount = $[/tex]48.35
2. Next, we will find out the sale price after the discount has been applied. To do this, we subtract the discount amount from the original price.
Sale price = Original price - Discount amount
Sale price = [tex]$967 - $[/tex]48.35
Sale price = [tex]$918.65
3. Once we have the sale price, we need to calculate the sales tax amount. The sales tax rate is 1%. We apply this rate to the sale price to get the sales tax amount.
Sales tax amount = Sale price * Sales tax rate
Sales tax amount = $[/tex]918.65 1%
Sales tax amount = [tex]$918.65 0.01
Sales tax amount = $[/tex]9.1865
We typically round sales tax to the nearest cent, so we round [tex]$9.1865 to $[/tex]9.19.
4. Lastly, to find the total cost of the antique clock after the discount and including sales tax, we add the sales tax amount to the sale price.
Total cost = Sale price + Sales tax amount
Total cost = [tex]$918.65 + $[/tex]9.19
Total cost = [tex]$927.8365
Rounding to the nearest cent, the total cost is approximately $[/tex]927.84.
So the total cost of the antique clock after applying the 5% discount and adding the 1% sales tax is approximately $927.84.
