A product is sold at a profit of 25%. If the selling price is $250, what was the

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Question: A product is sold at a profit of 25%. If the selling price is $250, what was the cost price?

Options:

$200
$180
$220
$240

Correct Answer: $200

Solution:

Let the cost price be x. Selling Price = Cost Price + Profit = x + 0.25x = 1.25x. Setting this equal to $250 gives 1.25x = $250, so x = $250 / 1.25 = $200.

A product is sold at a profit of 25%. If the selling price is $250, what was the

Practice Questions

A product is sold at a profit of 25%. If the selling price is $250, what was the cost price?

$200
$180
$220
$240

Questions & Step-by-Step Solutions

A product is sold at a profit of 25%. If the selling price is $250, what was the cost price?

Step 1: Understand that the selling price is the price at which the product is sold, which is given as $250.
Step 2: Know that the profit is 25% of the cost price. This means if the cost price is x, the profit is 0.25 times x.
Step 3: The selling price can be expressed as the cost price plus the profit. So, Selling Price = Cost Price + Profit.
Step 4: Substitute the profit into the equation: Selling Price = x + 0.25x.
Step 5: Combine the terms: Selling Price = 1.25x.
Step 6: Set the equation equal to the selling price: 1.25x = $250.
Step 7: To find the cost price (x), divide both sides of the equation by 1.25: x = $250 / 1.25.
Step 8: Calculate the value: x = $200.

Profit Calculation – Understanding how to calculate profit as a percentage of the cost price and relate it to selling price.
Algebraic Manipulation – Setting up and solving equations to find unknown variables.

A product is sold at a profit of 25%. If the selling price is $250, what was the

What’s inside this PDF?

A product is sold at a profit of 25%. If the selling price is $250, what was the

Practice Questions

Questions & Step-by-Step Solutions

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