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Answer :
The problem can be solved using algebra. Let's say the discount rate is x, then the price after discount is:
60000 (1 - x/100)
The price after VAT is:
60000 (1 - x/100) (1 + y/100) = 58986
Where y is the rate of VAT.
Rearranging the equation we get:
(1 - x/100) (1 + y/100) = 58986/60000
Multiply both sides by 100 to get rid of the fractions:
100 (1 - x/100) (1 + y/100) = 981
Expanding and grouping like terms, we get:
100 - x + 100y - xy = 981
We can see that x is in two terms, so we can move one side of the equation and get:
100 - x + 100y = 981 + x
x = (981 + x - 100 + 100y)/100 = (981 + xy - 100y)/100
Now we have x in only one term and we know the value of x is 10%, so we can substitute it:
10 + 10y = 9.81
Solving for y we can find that y = 0.81 or 81%
So the VAT rate is 81%
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