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A merchant sells a product for $500, which is a 20% profit over the cost price.
A merchant sells a product for $500, which is a 20% profit over the cost price. What is the cost price?
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Practice Questions
1 question
Q1
A merchant sells a product for $500, which is a 20% profit over the cost price. What is the cost price?
$400
$450
$480
$500
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Let the cost price be x. Selling Price = x + 20% of x = 500. Thus, 1.2x = 500, so x = $400.
Questions & Step-by-step Solutions
1 item
Q
Q: A merchant sells a product for $500, which is a 20% profit over the cost price. What is the cost price?
Solution:
Let the cost price be x. Selling Price = x + 20% of x = 500. Thus, 1.2x = 500, so x = $400.
Steps: 9
Show Steps
Step 1: Understand that the selling price is $500.
Step 2: Know that the selling price includes a profit of 20% over the cost price.
Step 3: Let the cost price be represented as 'x'.
Step 4: Calculate the profit: 20% of x is 0.2x.
Step 5: Write the equation for the selling price: Selling Price = Cost Price + Profit, which is 500 = x + 0.2x.
Step 6: Combine the terms on the right side: 500 = 1.2x.
Step 7: To find x, divide both sides by 1.2: x = 500 / 1.2.
Step 8: Calculate the value: x = 416.67 (approximately).
Step 9: Therefore, the cost price is approximately $416.67.
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