If a product is sold at a loss of 20% for $80, what was the cost price of the pr

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Question: If a product is sold at a loss of 20% for $80, what was the cost price of the product? (2023)

Options:

Correct Answer: $100

Exam Year: 2023

Solution:

Let the cost price be x. Then, 80 = x - (20% of x) => 80 = x - 0.2x => 80 = 0.8x => x = 100.

If a product is sold at a loss of 20% for $80, what was the cost price of the product? (2023)

If a product is sold at a loss of 20% for $80, what was the cost price of the product? (2023)

Step 1: Understand that selling at a loss of 20% means the product is sold for 80% of its cost price.
Step 2: Let the cost price be represented by 'x'.
Step 3: Since the product is sold for $80, we can write the equation: 80 = 0.8 * x.
Step 4: To find 'x', we need to isolate it. Start by dividing both sides of the equation by 0.8.
Step 5: Calculate x: x = 80 / 0.8.
Step 6: Perform the division: 80 divided by 0.8 equals 100.
Step 7: Therefore, the cost price of the product is $100.

Percentage Loss Calculation – Understanding how to calculate the cost price from the selling price and the percentage loss.
Algebraic Manipulation – Using algebra to isolate the variable representing the cost price.