Answer to Question #50631 in Economics for Samba Sy
What is the VAT amount on an item that sells for £8.50
1
2015-02-03T09:03:46-0500
Assuming that the VAT rate is 20% we can find the VAT amount as following:
VAT amount = price / (1 + VAT rate) * VAT rate
VAT amount = 8.50 / 1.20 * 0.20 = £1.42
Need a fast expert's response?
Submit order
and get a quick answer at the best price
for any assignment or question with DETAILED EXPLANATIONS!
Learn more about our help with Assignments:
Economics
Comments
Leave a comment