If a shopkeeper sells an item at a loss of 10% and the cost price is $500, what

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Question: If a shopkeeper sells an item at a loss of 10% and the cost price is $500, what is the selling price?

Options:

Correct Answer: $450

Solution:

Selling Price = Cost Price - (Loss Percentage * Cost Price) = $500 - (0.10 * $500) = $500 - $50 = $450.

If a shopkeeper sells an item at a loss of 10% and the cost price is $500, what is the selling price?

If a shopkeeper sells an item at a loss of 10% and the cost price is $500, what is the selling price?

Step 1: Identify the cost price of the item. In this case, the cost price is $500.
Step 2: Determine the loss percentage. Here, the loss percentage is 10%, which can be written as 0.10 in decimal form.
Step 3: Calculate the amount of loss by multiplying the cost price by the loss percentage. This is done by calculating 0.10 * $500.
Step 4: Perform the multiplication: 0.10 * $500 = $50. This means the shopkeeper loses $50.
Step 5: Calculate the selling price by subtracting the loss from the cost price. This is done by calculating $500 - $50.
Step 6: Perform the subtraction: $500 - $50 = $450. Therefore, the selling price is $450.

Loss Calculation – Understanding how to calculate selling price when a loss percentage is given.
Percentage Application – Applying percentage values to a cost price to determine the financial outcome.