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 $ 1,000 . if the amount of the import tax that the merchant paid was $ 101.50 , what was the total value of the item ?
"let x be the value in excess of $ 1,000 . 0.07 x = 101.5 x = $ 1,450 the total value was $ 1,450 + $ 1,000 = $ 2,450 . the answer is b ."
floor(divide(add(divide(101.50, divide(7, const_100)), 1,000), 1,000))