Certainly! Let's break down the given problem step-by-step:
1. Understanding the Tax Rates:
- We are given a state sales tax rate of [tex]\(5\%\)[/tex].
- Wright County additionally assesses a local tax of [tex]\(1.5\%\)[/tex].
2. Expressing the Tax Rates as Decimals:
- To work with percentages more easily, we convert them to their decimal forms.
- The state sales tax rate of [tex]\(5\%\)[/tex] is equivalent to [tex]\(0.05\)[/tex] when expressed as a decimal.
- The local tax rate of [tex]\(1.5\%\)[/tex] is equivalent to [tex]\(0.015\)[/tex] when expressed as a decimal.
3. Summarizing the Information:
- State Sales Tax Rate: [tex]\(0.05\)[/tex]
- Local Tax Rate (Wright County): [tex]\(0.015\)[/tex]
We now have the detailed information about the tax rates that businesses and consumers in Wright County need to be aware of when calculating total sales tax on purchases. The state sales tax rate is [tex]\(5\%\)[/tex] (or [tex]\(0.05\)[/tex] in decimal form), and the additional local tax rate is [tex]\(1.5\%\)[/tex] (or [tex]\(0.015\)[/tex] in decimal form).
