Question

10 tolas gold bought from America market at $ 553 per tola is sold in nepal at 20% customs duty charge and 13% VAT.At what price should it be sold?

Answer 1

Given:

10 tolas gold bought from America market at $ 553 per tola

It is sold in Nepal at 20% customs duty charge and 13% VAT

To find:

At what price should it be sold?

Solution:

The cost of gold per tola = $ 553

∴ The cost of 10 tolas of gold = $ 553 × 10 = $ 5530

The selling price of 10 tolas gold in Nepal will be calculated as follows:

After adding 20% customs duty charge:

∴ The cost of the 10 tolas gold will be,

= $ 5530 + $[$\frac{20}{100}\times 5530$]

= $ 5530 + $ 1106

= $ 6636

After adding the VAT of 13%:

∴ The final price of the 10 tolas gold at which it should be sold will be,

= $ 6636 + $ [$\frac{13}{100}\times 6636$]

= $ 6636 + $ 862.68

= $ 7498.68

∴ The final sell price of the gold per tola will be,

= $\frac{7498.86}{10}$

= $\bold{\ \: 749.86}$

Thus, the gold should be sold at $ 749.86 per tola.

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