A shopkeeper sells a shirt for $30, making a profit of 20%. What was the cost pr

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Question: A shopkeeper sells a shirt for $30, making a profit of 20%. What was the cost price of the shirt?

Options:

Correct Answer: $25

Solution:

Let the cost price be x. The selling price is given by x + 0.2x = 1.2x. Setting this equal to $30 gives us 1.2x = 30, so x = 30/1.2 = 25. Thus, the cost price of the shirt is $25.

A shopkeeper sells a shirt for $30, making a profit of 20%. What was the cost pr

Practice Questions

A shopkeeper sells a shirt for $30, making a profit of 20%. What was the cost price of the shirt?

Questions & Step-by-Step Solutions

A shopkeeper sells a shirt for $30, making a profit of 20%. What was the cost price of the shirt?

Step 1: Understand that the selling price of the shirt is $30.
Step 2: Know that the profit made is 20%. This means the selling price is 120% of the cost price.
Step 3: Let the cost price be represented by 'x'.
Step 4: Write the equation for the selling price: Selling Price = Cost Price + Profit.
Step 5: Since the profit is 20% of the cost price, we can express this as: Selling Price = x + 0.2x.
Step 6: Combine the terms: Selling Price = 1.2x.
Step 7: Set the equation equal to the selling price: 1.2x = 30.
Step 8: To find 'x', divide both sides of the equation by 1.2: x = 30 / 1.2.
Step 9: Calculate the value: x = 25.
Step 10: Conclude that the cost price of the shirt is $25.

Profit Calculation – Understanding how to calculate the cost price from the selling price and profit percentage.
Algebraic Manipulation – Setting up and solving equations to find unknown values.

A shopkeeper sells a shirt for $30, making a profit of 20%. What was the cost pr

What’s inside this PDF?

A shopkeeper sells a shirt for $30, making a profit of 20%. What was the cost pr

Practice Questions

Questions & Step-by-Step Solutions

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