Sohan goes to a shop to buy an overcoat which costs 2700. The rate of the value added tax is 8%. He tells the shopkeeper to reduce the price to such an extent that he has to payt 2500, inclusive of VAT Find the reduction needed in the price of the overcoat.
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cost of overcoat=2700
tax=8%
price to be paid=2500(including vat)
total price deducted:
solution:
2700+8%=2916
2916-2500=416
total amount to be deducted is 416
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