Flynn bought five speakers that cost $348 each before Goods and Service Tax (GST).
- Given that GST was charged at 7%, how much GST did Flynn have to pay for one speaker?
- What was the total cost of the speakers, inclusive of GST?
(a)
GST that Flynn had to pay for one speaker
= 7% x 348
=
7100 x 348
= $24.36
(b)
Cost of one speaker inclusive of GST
= 348 + 24.36
= $372.36
Cost of five speakers inclusive of GST
= 5 x 372.36
= $1861.8
Answer(s): (a) $24.36; (b) $1861.8