If a seller incurs a loss of 10% on selling a bicycle for $450, what was the cos

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Question: If a seller incurs a loss of 10% on selling a bicycle for $450, what was the cost price?

Options:

Correct Answer: $500

Solution:

Let the cost price be x. Then, 450 = x - 10% of x => 450 = x - 0.1x => 450 = 0.9x => x = 500.

If a seller incurs a loss of 10% on selling a bicycle for $450, what was the cost price?

If a seller incurs a loss of 10% on selling a bicycle for $450, what was the cost price?

Step 1: Understand that the seller sold the bicycle for $450 and incurred a loss of 10%.
Step 2: Let the cost price of the bicycle be represented by 'x'.
Step 3: Since there is a 10% loss, the selling price is 90% of the cost price. This can be written as: Selling Price = Cost Price - 10% of Cost Price.
Step 4: In mathematical terms, this is: 450 = x - 0.1x.
Step 5: Simplify the equation: 450 = 0.9x.
Step 6: To find 'x', divide both sides of the equation by 0.9: x = 450 / 0.9.
Step 7: Calculate the value: x = 500.
Step 8: Therefore, the cost price of the bicycle is $500.

Percentage Loss Calculation – Understanding how to calculate the cost price based on the selling price and the percentage loss incurred.
Algebraic Manipulation – Applying algebra to isolate the variable representing the cost price.