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