Eric bought two speakers that cost $346 each before Goods and Service Tax (GST).
- Given that GST was charged at 6%, how much GST did Eric have to pay for one speaker?
- What was the total cost of the speakers, inclusive of GST?
(a)
GST that Eric had to pay for one speaker
= 6% x 346
=
6100 x 346
= $20.76
(b)
Cost of one speaker inclusive of GST
= 346 + 20.76
= $366.76
Cost of two speakers inclusive of GST
= 2 x 366.76
= $733.52
Answer(s): (a) $20.76; (b) $733.52