If a shopkeeper sells a bicycle for $240 after a discount of 20%, what was the m

If a shopkeeper sells a bicycle for $240 after a discount of 20%, what was the marked price?

If a shopkeeper sells a bicycle for $240 after a discount of 20%, what was the marked price?

Step 1: Understand that the selling price is the price after the discount is applied.
Step 2: Let the marked price be represented by 'x'.
Step 3: Calculate the discount amount, which is 20% of the marked price. This can be written as 0.2 * x.
Step 4: The selling price after the discount is applied can be expressed as: Selling Price = Marked Price - Discount.
Step 5: Substitute the known values into the equation: Selling Price = x - 0.2 * x.
Step 6: Simplify the equation: Selling Price = 0.8 * x.
Step 7: We know the selling price is $240, so set up the equation: 0.8 * x = 240.
Step 8: To find 'x', divide both sides of the equation by 0.8: x = 240 / 0.8.
Step 9: Calculate the value: x = 300.
Step 10: Conclude that the marked price of the bicycle was $300.

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