The total cost of the camera with the sales tax included is $754.59
Retail sales of goods and services are subject to a sales tax, which in theory should be charged on all final consumption with limited exceptions. A base broadening strategy that includes include food could keep rates lower. Many governments exempt products like groceries. Business-to-business transactions should not be subject to a sales tax because they can lead to tax pyramiding if they are.
The list price of the camera = $701.95
Sales tax = 7.5%
Total cost = List price + Sale tax on the list price
= 701.95 + 7.5% of 701.95
= 701.95 + 0.075*701.95
= 701.95 + 52.6462
= $754.59
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