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The price of a T.V. set inclusive of VAT is Rs $13530$ . The rate of VAT is $10\%$ . Find its basic price.

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Finance problems

Full solution

Q. The price of a T.V. set inclusive of VAT is Rs

13530

. The rate of VAT is

10\%

. Find its basic price.

Denote Basic Price: Let's denote the basic price of the T.V. set as $P$ . The rate of VAT is $10\%$ , which means that the VAT amount is $10\%$ of the basic price. The price of the T.V. set inclusive of VAT is Rs $13530$ . We can express this relationship with the following equation: $\newline$ Price with VAT = Basic Price + VAT amount $\newline$ $13530 = P + (10\% \text{ of } P)$
Find Basic Price: To find the basic price $P$ , we need to solve the equation for $P$ . We can express $10\%$ as $0.10$ , so the equation becomes: $\newline$ $13530 = P + (0.10 \times P)$ $\newline$ This simplifies to: $\newline$ $13530 = P \times (1 + 0.10)$ $\newline$ $13530 = P \times 1.10$
Solve Equation: Now, we divide both sides of the equation by $1.10$ to solve for $P$ : $\newline$ $P = \frac{13530}{1.10}$
Divide and Solve: Performing the division gives us the basic price of the T.V. set: $P = 12300$

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