Simon's copy of Q13 VAT

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Question 1

The selling price of an item was € $\var{price}$ including VAT at $\var{VAT}$ %.

What was the price before VAT?

€Round your answer to 2 decimal places.Expected answer:

The price includes VAT already, so the $\var{VAT}$ % has already been added on. So the price is 100% + $\var{VAT}$ %. We need to find 1% first and then 100%.

Note, this question might require an awkward long division. If you are having problems with getting a correct answer you may need to work up to 5 or 6 decimal places in your long division.

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Advice

Price including VAT of $\var{VAT}$ % = $\var{price}$ % (Total Vat $= \var{VATa}$ %)

First get 1%, then multipy by 100 to get 100% or price before VAT.

Then, multiply by $\var{VATnewa}$ %, (or multiply by $\frac{\var{VATnewa}}{100})$

$(\var{price} \div \frac{\var{VATa}}{100})$

$\var{price} \times \frac{100}{\var{VATa}} = \var{ans}$

Note:

This question might require an awkward long division. If you are having problems with getting a correct answer you may need to work up to 5 or 6 decimal places in your long division.

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Simon's copy of Q13 VAT

Advice