If a person sells a book for $45 and incurs a loss of 10%, what was the cost pri

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Question: If a person sells a book for $45 and incurs a loss of 10%, what was the cost price?

Options:

Correct Answer: $50

Solution:

Let Cost Price = x. Selling Price = x - 10% of x = 0.9x. 0.9x = 45. x = 45/0.9 = 50.

If a person sells a book for $45 and incurs a loss of 10%, what was the cost price?

If a person sells a book for $45 and incurs a loss of 10%, what was the cost price?

Step 1: Understand that the Selling Price (SP) is $45.
Step 2: Know that a loss of 10% means the Selling Price is 90% of the Cost Price (CP).
Step 3: Write the equation for Selling Price: SP = CP - 10% of CP.
Step 4: Rewrite the equation using 'x' for Cost Price: SP = x - 0.1x = 0.9x.
Step 5: Set up the equation: 0.9x = 45.
Step 6: Solve for x by dividing both sides by 0.9: x = 45 / 0.9.
Step 7: Calculate the value: x = 50.
Step 8: Conclude that the Cost Price is $50.

Cost Price and Selling Price – Understanding the relationship between cost price, selling price, and profit/loss percentage.
Percentage Calculations – Calculating percentages and their impact on financial transactions.