If a trader incurs a loss of 15% on selling a bicycle for $255, what was the cos

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Question: If a trader incurs a loss of 15% on selling a bicycle for $255, what was the cost price?

Options:

Correct Answer: $300

Solution:

Let the cost price be x. Selling Price = x - 15% of x = 255. Thus, 0.85x = 255, so x = $300.

If a trader incurs a loss of 15% on selling a bicycle for $255, what was the cost price?

If a trader incurs a loss of 15% on selling a bicycle for $255, what was the cost price?

Step 1: Understand that the trader sold the bicycle for $255 and incurred a loss of 15%.
Step 2: Let the cost price of the bicycle be represented as 'x'.
Step 3: Since there is a 15% loss, the selling price is 85% of the cost price. This can be written as: Selling Price = Cost Price - 15% of Cost Price.
Step 4: This can be simplified to: Selling Price = x - 0.15x = 0.85x.
Step 5: We know the selling price is $255, so we can set up the equation: 0.85x = 255.
Step 6: To find 'x', divide both sides of the equation by 0.85: x = 255 / 0.85.
Step 7: Calculate the value of x: x = 300.
Step 8: Therefore, the cost price of the bicycle is $300.

Percentage Loss Calculation – Understanding how to calculate the selling price after incurring a percentage loss on the cost price.
Algebraic Manipulation – Using algebra to solve for the unknown cost price based on the relationship between cost price, selling price, and loss.