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A business incurs a loss of 15% on selling a product for $425. What was the cost
A business incurs a loss of 15% on selling a product for $425. What was the cost price?
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Q1
A business incurs a loss of 15% on selling a product for $425. What was the cost price?
$500
$450
$400
$350
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Let the cost price be x. Selling Price = Cost Price - Loss = x - 0.15x = 0.85x. Therefore, 0.85x = 425, x = 425 / 0.85 = $500.
Questions & Step-by-step Solutions
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Q
Q: A business incurs a loss of 15% on selling a product for $425. What was the cost price?
Solution:
Let the cost price be x. Selling Price = Cost Price - Loss = x - 0.15x = 0.85x. Therefore, 0.85x = 425, x = 425 / 0.85 = $500.
Steps: 9
Show Steps
Step 1: Understand that a loss of 15% means the selling price is 85% of the cost price.
Step 2: Let the cost price be represented by 'x'.
Step 3: Write the equation for selling price: Selling Price = Cost Price - Loss.
Step 4: Since the loss is 15%, we can express it as: Selling Price = x - 0.15x.
Step 5: Simplify the equation: Selling Price = 0.85x.
Step 6: We know the selling price is $425, so we can set up the equation: 0.85x = 425.
Step 7: To find 'x', divide both sides of the equation by 0.85: x = 425 / 0.85.
Step 8: Calculate the value: x = 500.
Step 9: Therefore, the cost price is $500.
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