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When Mr. Sen imports some raw materials he has to pay 7% import duty on the portion of the total value of the item in excess of TK. 1000. If the amount of import duty he paid was TK. 87.50 then what was the value of the raw material that he imported ?

When Mr. Sen imports some raw materials he has to pay 7% import duty on the portion of the total value of the item in excess of TK. 1000. If the amount of import duty he paid was TK. 87.50 then what was the value of the raw material that he imported ? Correct Answer TK.2,250

Let the value of the raw material in excess of Tk 1000 be T. Then,  7% of T = 87.5 or,  7/100 of T = 87.5 or,  T = 87.5×100/7 = 1250 TK So, value of the raw amterial = 1000 + 1250 =  2250 TK

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