Question

The value added tax rate of a product is 24 %. What is in that case the value added tax's percentage of the product's selling price?

The answer has 2 decimals

Answer 1

Let $x=$ products's cost. Then  the product's selling price will be $1.24x.$

$$\begin{matrix} 1.24x & & 100\% \\ 0.24x & & y\% \end{matrix}$$

$$y=\dfrac{0.24x}{1.24x}\cdot100\%=19.35\%$$

The value added tax's is 19.35 percentage of the product's selling price.