Spiros purchases a Rolex watch costing $10,200. State taxes are 5.5% and the federal excise tax is 12%.What is the total purchase price? (Round your answer to the nearest cent.)$10,761.00$10,773.03$11,424.00$11,985.00

Step 1:We have to calculate the sales tax on the Rolex watchCost of Rolex watch = $ 10200Sales tax =…

Answered: Spiros purchases a Rolex watch costing…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Spiros purchases a Rolex watch costing $10,200. State taxes are 5.5% and the federal excise tax is 12%. What is the total purchase price? (Round your answer to the nearest cent.) $10,761.00 $10,773.03 $11,424.00 $11,985.00