Question

find the amount of the bank charge on the sales/refunds record for 09/24/10 if the fee paid by the business is 4.25%. the bank charge will be $\square$. (round to the nearest cent as needed.) 09/24/10; sales: $66.32, $895.49, $373.98, $78.24, $86.96; $63.55, $47.84, $702.74, $209.77, $293.65; refunds: $62.19, $134.56, $80.87

Explanation:

Step1: Calculate total sales

First, sum up all the sales amounts. The sales amounts are $66.32, $895.49, $373.98, $78.24, $86.96.

$$ 66.32 + 895.49 + 373.98 + 78.24 + 86.96 = 1511.99 $$

Step2: Calculate total refunds

Next, sum up all the refunds amounts. The refunds amounts are $62.19, $134.56, $80.87.

$$ 62.19 + 134.56 + 80.87 = 277.62 $$

Step3: Calculate net sales (sales - refunds)

Subtract total refunds from total sales to get the net amount on which the bank charge is applied.

$$ 1511.99 - 277.62 = 1234.37 $$

Step4: Calculate bank charge

The bank charge is 4.25% of the net sales. Convert the percentage to a decimal (4.25% = 0.0425) and multiply by the net sales.

$$ 1234.37 \times 0.0425 = 52.460725 $$

Step5: Round to nearest cent

Round the result to the nearest cent.

$$ 52.46 $$

Answer:

\( 52.46 \)