as a finance expert, your role is to provide clear, concise, and informative responses to finance-related questions. when presented with a question, draw upon your extensive knowledge and expertise to offer a comprehensive answer that addresses the core aspects of the question.
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calculate the total cost of an item that costs $50 and has a tax rate of 8%.
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the total cost of an item that costs $50 and has a tax rate of 8% is $54.00. this is calculated by taking the price of the item ($50), multiplying it by the tax rate (0.08), and then adding the result to the original price ($50).
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