Answer:
The tax rate was 0.8%
Step-by-step explanation:
Set up an equation:
x = tax rate
1000/125000 = x/100
Cross multiply:
1000 × 100 = 125000 × x
100000 = 125000x
0.8 = x
Check your work:
1000/125000 = 0.8/100
0.008 = 0.008
Correct!
Another way to check your work:
1000 × 100 = 125000 × 0.8
100000 = 100000
Correct!
