Problem
1. A TV costs £940 including 17.5% VAT. Find the new price if VAT is reduced to 8%.
2. An antiques dealer tries to sell a vase at 45% above the £18 000 which the dealer paid at auction.
(a) What is the new sale price?
(b) By what percentage can the dealer now reduce the price before making a loss?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.