Question

*The price of a product is ₹5350 including a Value added tax (VAT) of 7%. What is the amount of VAT?* 1️⃣ ₹5,000 2️⃣ ₹350 3️⃣ ₹374.50 4️⃣ None of these​

Answer 1

Answer:

I think option one ₹5,000

Step-by-step explanation:

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Answer 2

Given :- The price of a product is ₹5350 including a Value added tax (VAT) of 7%.

To Find :- What is the amount of VAT ?

1) ₹5,000 2) ₹350 3) ₹374.50 4) None of these

Solution :-

Let us assume that, price of product without VAT is equal to ₹ 100x .

So,

→ Actual price = ₹ 100x

then,

→ Amount of VAT = 7% of actual price = (7 × 100x)/100 = ₹ 7x

now,

→ Price of product including VAT = Actual price + Amount of VAT

→ 100x + 7x = 5350

→ 107x = 5350

→ x = 50

therefore,

→ Actual price = 100x = 100 × 50 = ₹ 5000

hence,

→ Amount of VAT = 7x = 7 × 50 = ₹ 350 (Ans.)

∴ Amount of VAT is equal to Option (2) ₹ 350 .

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