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Aman bought a shirt for Rs. 374.50 which includes $7 %$ VAT. Find the list price of the shirt.

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Rs.450

Rs.350

Rs.310

Rs.550

answer is B.

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Detailed Solution

Given,
Selling price=Rs.374.50.
Rate of value added tax = 7%.
Let the list price of the shirt be Rs. X.
Therefore,

List price × Rate of tax 100 = X × 7 100 ⇒ 7 X 100 ⇒ Rs .0 .07 X

Now,

Cost price = Selling price − Value added tax ⇒ X =Rs .374 .50 − Rs .0 .07 X List price = X ⇒ 1 .07 X =Rs .374 .50 ⇒ X = 374.50 1.07 ⇒ X = Rs .350

The list price of the shirt is Rs.350.
Therefore, option (2) is correct.

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