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A product is sold for $120 after a 25% profit. What was the cost price?

Practice Questions

Q1
A product is sold for $120 after a 25% profit. What was the cost price?
  1. $90
  2. $100
  3. $80
  4. $70

Questions & Step-by-Step Solutions

A product is sold for $120 after a 25% profit. What was the cost price?
  • Step 1: Understand that the selling price of the product is $120.
  • Step 2: Know that a 25% profit means the selling price is 125% of the cost price.
  • Step 3: Let the cost price be represented by 'x'.
  • Step 4: Write the equation for the selling price: x + 0.25x = 120.
  • Step 5: Combine the terms on the left side: 1.25x = 120.
  • Step 6: To find 'x', divide both sides of the equation by 1.25: x = 120 / 1.25.
  • Step 7: Calculate the value: x = 96.
  • Profit Calculation – Understanding how to calculate the cost price from the selling price and profit percentage.
  • Percentage Application – Applying percentage increase to determine the relationship between cost price and selling price.
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