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If the selling price of an item is ₹800 and the total amount paid after tax is ₹848, what is the tax rate?
- a)10%
- b)6%
- c)5%
- d)8%
Correct answer is option 'B'. Can you explain this answer?
Most Upvoted Answer
If the selling price of an item is ₹800 and the total amount paid afte...
Tax = Total Amount - Selling Price = ₹848 - ₹800 = ₹48. Thus, Tax Rate = (Tax / Selling Price) × 100 = (48 / 800) × 100 = 6%. This understanding is essential for both businesses and consumers in assessing final costs.
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If the selling price of an item is ₹800 and the total amount paid afte...
Understanding the Problem
To determine the tax rate, we need to find out how much tax was added to the selling price to reach the total amount paid.
Given Values
- Selling Price (SP) = ₹800
- Total Amount Paid (TAP) = ₹848
Calculating the Tax Amount
To find the tax amount, we subtract the selling price from the total amount paid:
- Tax Amount = Total Amount Paid - Selling Price
- Tax Amount = ₹848 - ₹800 = ₹48
Finding the Tax Rate
The tax rate can be found using the formula:
- Tax Rate (%) = (Tax Amount / Selling Price) × 100
Now, substituting the values:
- Tax Rate (%) = (₹48 / ₹800) × 100
Calculating the Tax Rate
- Tax Rate (%) = 0.06 × 100 = 6%
Conclusion
Thus, the tax rate applied to the selling price of ₹800 is 6%. Therefore, the correct option is b) 6%.
To determine the tax rate, we need to find out how much tax was added to the selling price to reach the total amount paid.
Given Values
- Selling Price (SP) = ₹800
- Total Amount Paid (TAP) = ₹848
Calculating the Tax Amount
To find the tax amount, we subtract the selling price from the total amount paid:
- Tax Amount = Total Amount Paid - Selling Price
- Tax Amount = ₹848 - ₹800 = ₹48
Finding the Tax Rate
The tax rate can be found using the formula:
- Tax Rate (%) = (Tax Amount / Selling Price) × 100
Now, substituting the values:
- Tax Rate (%) = (₹48 / ₹800) × 100
Calculating the Tax Rate
- Tax Rate (%) = 0.06 × 100 = 6%
Conclusion
Thus, the tax rate applied to the selling price of ₹800 is 6%. Therefore, the correct option is b) 6%.
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