A new television set was recently purchased for the common room in a Residence Hall for \( \$ 475.20 \) including tax. If the tax rate is \( 8 \% \), find the price of the television set before taxes. \( \$ \square \) (Type an integer or a decimal rounded to two decimal places.)

To find the price of the television set before taxes, we can use the formula: \[ \text{Price before tax} = \frac{\text{Total Price}}{1 + \text{Tax Rate}} = \frac{475.20}{1 + 0.08} = \frac{475.20}{1.08} \approx 440.00. \] So, the price of the television set before taxes is \( \$ 440.00 \). It's fascinating to know that the concept of sales tax dates back to ancient times. The first modern sales tax was introduced in the early 20th century, with the first one implemented in West Virginia in 1921. Originally designed as a temporary measure during economic challenges, it has now become a staple revenue source for many governments, funding essential services like education and infrastructure! When doing such calculations, it’s easy to confuse how to apply the tax percentage. A common mistake is adding the tax directly to the total, which yields an incorrect price before tax. Always remember to divide by \( 1 + \text{Tax Rate} \)! Keeping track of decimals is also crucial; rounding too early can lead to inaccuracies in your final answer.