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please check over my awnsers State Illinois the number that corresponds to Illinois is 13 SALE PRICE/PURCHASE PRICE: The taxable purchase item would be determined

please check over my awnsers

State Illinois the number that corresponds to Illinois is 13

SALE PRICE/PURCHASE PRICE: The taxable purchase item would be determined by the number that corresponds to your STATE times 100.

STATE & LOCAL SALES TAX RATES: Use taxfoundation.org/2022-sales-taxes/

STATE & LOCAL SALES TAX: This amount is included in your SALE PRICE/PURCHASE PRICE, except for the States that have an exemption.

FUTURE VALUE: Use your SALE PRICE/PURCHASE PRICE amount to compute the FV of a lump sum and annuities. Use TI 84 P| us / C * E Calculator.

1. Name your State & the amount of your SALE PRICE/PURCHASE PRICE.

Illinois

$1,300

2. What is your State Sales Tax Rate?

6.25%

3. What is your State's Combined Sales Tax Rate?

8.81%

4. Your purchase price includes your State's Combined Sales Tax. What was the regular selling price of your item before the State's Combined Sales Tax? $1,414.53

5. The item you purchased had been marked down 30%, and the Clearance Rack advertised an additional 60% off already marked down prices. If you paid the Sale Price which included your State's Combined Sales Tax, what was the regular selling price of the item before the markdowns and the State's Combined Sales tax?

$14,145.30

6. Let's say instead of purchasing the item, you invest the Purchase Price amount on the 1st of Jan, 2023, into an account that pays interest, equal to your State's Combined Sales Tax rate, compounded annually. You made no other deposits or withdrawals. What amount (future value) will you have in your account after 25 years. Use TI 84 Plus/CE Calculator.

$10,732

7. Suppose that you make the same Purchase Price amount deposits year after year in an annuity due (at the beginning of each year) in an account earning interest, equal to your State's Combined Sales Tax rate, compounded annually. What will the future value of the account be in 25 years? Use TI 84 Plus/CE Calculator.

$127,219

8. Same information as Q7, except this time, compute the Ordinary Annuity instead. Use TI 84 Plus/CE Calculator.

$107,055.38

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