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The price of a fridge, inclusive of 10% GST, is $14224.50. What is the GST component of this price, rounded to two decimal places?

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Answer to a math question The price of a fridge, inclusive of 10% GST, is $14224.50. What is the GST component of this price, rounded to two decimal places?

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Sigrid
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111 Answers
Let the price of the fridge before GST be x.

Given that the price of the fridge inclusive of 10% GST is $14224.50, we can set up the following equation:

x + 0.10x = 14224.50

Simplifying the equation, we get:

1.10x = 14224.50

x = \frac{14224.50}{1.10}

x = 12931.36

Therefore, the price of the fridge before GST is $12931.36.

Now, to find the GST component, we can subtract the price before GST from the total price:

GST = 14224.50 - 12931.36

GST = 1293.14

Rounded to two decimal places, the GST component of the price is $1293.14.

\boxed{GST = \$1293.14}

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