Vikram bought a watch for Rs. 825. If this amount included 10 percent VAT on the list price, what was the list price of the watch?
Question
Vikram bought a watch for Rs. 825. If this amount included 10% VAT on the list price, what was the list price of the watch?
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Answer
The price Vikram paid for the watch, which includes VAT, is Rs. 825.
The VAT rate applied is 10%.
To find the list price of the watch (the price before VAT was added), we use the formula: $$\text{List Price} = \frac{\text{Price Including VAT} \times 100}{100 + \text{VAT Percentage}}$$
Substitute the given values into the formula: $$\text{List Price} = \frac{825 \times 100}{100 + 10}$$
This simplifies to: $$\text{List Price} = \frac{825 \times 100}{110}$$
Which further simplifies to: $$\text{List Price} = \frac{82500}{110}$$
Perform the division to get: $$\text{List Price} = 750$$
Therefore, the list price of the watch is Rs. 750.
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