GMAT Problem Solving (PS) | Re: In country X a returning tourist must pay 8 percent tax applied to the

In country X a returning tourist must pay 8 percent tax applied to the first $500 or less worth of imported goods. If the total value is in excess of $500 he must pay an additional 15 percent tax on the portion of the total value in excess of 500. What tax must be paid by a returning tourist who imports good with a total value of $720?

A. $33
B. $70
C. $73
D. $92.60
E. $108