A product is sold for $240 after a discount of 20%. What was the original price?

A product is sold for $240 after a discount of 20%. What was the original price?

Step 1: Understand that the product is sold for $240 after a discount of 20%.
Step 2: Let the original price be represented by 'x'.
Step 3: Calculate the selling price after the discount. The selling price is 80% of the original price because 100% - 20% = 80%.
Step 4: Write the equation for the selling price: Selling Price = x - (20% of x) = 0.80x.
Step 5: Set up the equation: 0.80x = $240.
Step 6: To find 'x', divide both sides of the equation by 0.80: x = $240 / 0.80.
Step 7: Calculate the value: x = $300.
Step 8: Conclude that the original price of the product was $300.

Percentage Discount – Understanding how to calculate the selling price after applying a percentage discount to the original price.
Algebraic Manipulation – Using algebra to solve for the original price by setting up an equation based on the selling price.