When Leo imported a certain item, he paid a 7 percent import tax on the portion of the total value of the item in excess of $1000. I f t h e a m o u n t o f t h e i m p o r t t a x t h a t L e o p a i d w a s$ 87.50, what was the total value of the item ?

1600$

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1850$

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2250$

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2400$

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2750$

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Solution

The correct option is B 2250$
As given in the problem,
Tax paid by Leo = 7% of Excess Amount which is given to be $87.50
Thus, $\frac{7}{100} \times x = 87.50$
Therefore,
$x = 1250$
This amount must be in excess of $1000
So, the total value of the item must be 1000 + $1250 =$ 2250 $
(option C)

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When Leo imported a certain item, he paid a 7 percent import tax on the portion of the total value of the item in excess of 1000.IftheamountoftheimporttaxthatLeopaidwas87.50, what was the total value of the item ?

The correct option is B 2250$As given in the problem,Tax paid by Leo = 7% of Excess Amount which is given to be $87.50Thus, 7100×x=87.50Therefore,x=1250This amount must be in excess of $1000So, the total value of the item must be 1000 + 1250=2250 $(option C)

When Leo imported a certain item, he paid a 7 percent import tax on the portion of the total value of the item in excess of $1000. I f t h e a m o u n t o f t h e i m p o r t t a x t h a t L e o p a i d w a s$ 87.50, what was the total value of the item ?

The correct option is B 2250$
As given in the problem,
Tax paid by Leo = 7% of Excess Amount which is given to be $87.50
Thus, $\frac{7}{100} \times x = 87.50$
Therefore,
$x = 1250$
This amount must be in excess of $1000
So, the total value of the item must be 1000 + $1250 =$ 2250 $
(option C)