Answer:
Let the rate of VAT = x% Then \[24000+\text{ }x%\text{ }of\text{ }24000=26880\] or \[\frac{x}{100}\times 24000=26880-24000\] or \[240x=2880\] \[x=\frac{2880}{240}=12\] Therefore, Rate of VAT = 12%
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