Question

Shivram purchased a bicycle for 1664 including VAT the list price of the bicycle is 1600 find the rate of VAT
Answer must be 4%​

Answer 1

Step-by-step explanation:

Refer to the attachment.

Hope it helps.⬆️

Answer 2

Answer:

Find the VAT:

List price = Rs 1660

Amount paid = Rs 1664

VAT = amount paid - list price VAT = 1664-1660 = Rs 4

Find the VAT rate:

Rate = VAT/list price x 100

Rate = 4/1600 x 100 = 0.25%

Answer: The VAT is 0.25%