If a seller incurs a loss of 15% on selling a bicycle for $255, what was the cos

₹0.0

Question: If a seller incurs a loss of 15% on selling a bicycle for $255, what was the cost price? (2023)

Options:

Correct Answer: $300

Exam Year: 2023

Solution:

Let the cost price be x. Selling Price = x - (15/100 * x) = 255. Thus, 0.85x = 255, x = 300.

If a seller incurs a loss of 15% on selling a bicycle for $255, what was the cost price? (2023)

If a seller incurs a loss of 15% on selling a bicycle for $255, what was the cost price? (2023)

Step 1: Understand that the seller sold the bicycle for $255 and incurred a loss of 15%.
Step 2: Let the cost price of the bicycle be represented by 'x'.
Step 3: Since there is a loss of 15%, the selling price is 85% of the cost price. This can be written as: Selling Price = Cost Price - Loss.
Step 4: Write the equation for the selling price: 255 = x - (15/100 * x).
Step 5: Simplify the equation: 255 = x - 0.15x.
Step 6: Combine like terms: 255 = 0.85x.
Step 7: To find 'x', divide both sides of the equation by 0.85: x = 255 / 0.85.
Step 8: Calculate the value of 'x': x = 300.

Percentage Loss Calculation – Understanding how to calculate the selling price based on a percentage loss from the cost price.
Algebraic Manipulation – Using algebra to solve for the unknown cost price from the given selling price and loss percentage.