Problem: when a merchant imported a certain item , he paid a 7 percent import tax on the portion of the total value of the item in excess of $ 1000 . if the amount of the import tax that the merchant paid was $ 94.50 , what was the total value of the item ?
Rationale: let x be the value in excess of $ 1,000 . 0.07 x = 94.5 x = $ 1,350 the total value was $ 1,350 + $ 1,000 = $ 2,350 . the answer is a .
annotated_formula: floor(divide(add(divide(94.5, divide(7, const_100)), 1000), const_1000))