In Java Coding !

Sales Tax

Using the refined algorithm from the second lecture on problem solving methods, write the code to compute the sales tax of an item. Include the following:

1. Format the output for currency. 2. Format any non-currency output with two decimal places. NOTE: 1. Declare all variables within the data declaration section. 2 Do not get input on the same line as a variable declaration. 3. Do not place an equation for computation on the same line as declaring a variable.

Submit the java file.

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The Refined Algorithm to use

1. Get tax rate:

   • Input tax rate.

2. Get cost of item:
   • Input item cost.
3. Calculate the tax by multiplying the tax rate by the cost of the item.
   • Tax = Item Cost * Tax Rate
4. Calculate the total cost by adding the tax to the cost of the item.
   • Total Cost = Item Cost + Tax
5. Display the cost of the item, the tax, and the total cost.
   • Output the cost of the item, the tax, and the total cost.