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The percent change is the increase or decrease in the value of a quantity. If the new value is larger than the original value then it is a percent increase and if the change in value is lesser than the original value it is called percentage decrease.

Sales tax is a tax that is added to the cost of the item the final cost is called selling cost. It is a percent of the increase in the cost.

We are given the following price and the tax percentages:

software: $45.00

tax: 5.5%

The tax is 5.5% of the price. We will add this amount to the original price.

So If x represents the new price after adding taxes then we have:

$\begin{array}{l}x=5.5\%\text{ofCost+Cost}\\ x=5.5\%×\$45.00+\$45.00\\ x=\frac{5.5}{100}×45.00+45.00\\ x=0.055×45.00+45.00\\ x=2.475+45.00\\ x=\$47.475\end{array}$

Thus, the total cost of software is $47.475.